COMPREHENSIVE ANNUAL FINANCIAL REPORT 2017Employee Trust Funds (ETF) for the year ended December 31, 2017. This report provides comprehensive information about ETF, the Wisconsin Retirement

COMPREHENSIVE ANNUALFINANCIAL REPORT 2017

State of WisconsinDepartment of Employee Trust Funds

For the Year Ending December 31, 2017

State of WisconsinDepartment of Employee Trust Funds

COMPREHENSIVE ANNUALFINANCIAL REPORT 2017For the Year Ending December 31, 2017

State of Wisconsin Department of Employee Trust FundsCindy Klimke-Armatoski, Chief Trust Financial O�cer and Controller

Wisconsin Department of Employee Trust FundsPO Box 7931Madison, WI 53707-79311-877-533-5020http://etf.wi.gov

ET-8501The Department of Employee Trust Funds does not discriminate on the basis of disability in the provision of programs, services, or employment. If you are speech, hearing, or visually impaired and need assistance,call toll free 1-877-533-5020or 608-266-3285.Wisconsin Relay Service(for speech andhearing impaired),dial 7-1-1.

@WI_ETF

TABLE OF CONTENTSIntroductory SectionLetter of Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Professional Award . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6ETF Boards and Department Organization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Financial SectionIndependent Auditor’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Management’s Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Financial Statements

Statement of Fiduciary Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Statement of Changes in Fiduciary Net Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Statement of Net Position - Proprietary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Funds . . . . . . . . . . . . . . 37Statement of Cash Flows - Proprietary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38Statement of Fiduciary Net Position - Agency Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39Statement of Changes in Assets & Liabilities - Agency Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41Required Supplementary Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

Statistical SectionWisconsin Retirement System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110Group Health Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127Group Life Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129Duty Disability Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133Income Continuation Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136Employee Reimbursement Accounts Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138Department of Employee Trust Funds Administrative Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139

Actuarial SectionActuarial Certification Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142WRS Actuarial Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144Summary of WRS Benefit Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145Actuarial Method and Assumptions Used in WRS Valuations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148

Investment SectionInvestments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164

Contributions Paid and Employer Unfunded Liability BalancesState Agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174Public Authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175Cities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175Villages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179Special Districts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185Towns. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189Counties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195School Districts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196Technical Colleges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205Cooperative Educational Service Agencies (CESAs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206

INTRODUCTORY SECTION

STATE OF WISCONSINDepartment of Employee Trust

FundsRobert J. Conlin

SECRETARY

Wisconsin Department ofEmployee Trust FundsPO Box 7931Madison WI 53707-7931

1-877-533-5020 (toll free)Fax (608) 267-4549http://etf.wi.gov

October 2, 2018

GOVERNOR SCOTT WALKERMEMBERS OF THE STATE LEGISLATUREPUBLIC EMPLOYEES, EMPLOYERS AND OTHER INTERESTED PARTIES:

We are pleased to present the Comprehensive Annual Financial Report (CAFR) of the Wisconsin Department ofEmployee Trust Funds (ETF) for the year ended December 31, 2017. This report provides comprehensiveinformation about ETF, the Wisconsin Retirement System (WRS), and other benefit programs administered byETF.

Responsibility for the accuracy of the data and the fairness and completeness of this presentation, including alldisclosures, rests with the management of ETF. To the best of our knowledge, the enclosed information isaccurate in all material respects and is reported in a manner designed to provide a fair representation of thefinancial position and results of the operations of ETF.

As required by Wis. Stat. 13. 94 (1) (dd), the Legislative Audit Bureau (LAB) has completed a financial audit of ETFand issued an unmodified (“clean”) opinion on the financial statements for the year ended December 31, 2017.The independent auditor's report is located at the beginning of the Financial Section of this CAFR.

Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor's report andprovides a narrative introduction, overview and analysis of the financial statements. The MD&A complementsthis Letter of Transmittal and should be read in conjunction with it.

Historical OverviewThe WRS was created effective January 1, 1982. The system covers state and local public employees, includingfaculty and staff of the University of Wisconsin System, local police and firefighters, and all publicly-employedteachers in the state. Those not included are employees of the City of Milwaukee and Milwaukee County, who arecovered under separate retirement systems. Pension coverage for local government employees has been in placesince 1891, when the legislature required Milwaukee to create a pension fund for retired and disabled police andfirefighters. The legislature has since extended pension coverage to other public employees, along with creatinggroup life and health insurance programs.

The Group Insurance Board (GIB) was created in 1959 to monitor the administration of the life and healthinsurance programs. ETF was created in 1967 to administer the various retirement and related benefit programs.

Currently, the WRS is composed of 29% state employees and 71% local employees. As of December 31, 2017, theWRS had 257,413 active employees, 203,300 annuitants (retirees, disabilitants, and beneficiaries), and 172,089inactive employees with deferred benefits payable.

ETF Mission and Responsibilities ETF’s mission is to develop and deliver quality benefits and services to our customers while safeguarding theintegrity of the Trust. ETF administers retirement, health, life, income continuation, long‑term disability, andlong‑term care insurance programs, along with an employee reimbursement accounts program, commuterbenefits program, and a deferred compensation plan. ETF also administers retirement disability coverage and

COMPREHENSIVE ANNUAL FINANCIAL REPORT 2017 3INTRODUCTORY SECTION

serves as the state’s designated coverage agent for Social Security for Wisconsin public employers. There are fivedifferent statutory boards with responsibilities for programs operated by the Department. The ETF Board is boththe overall governing body for the Department and the general policy-setting and trustee board for the WRS.

All insurance programs are administered through contractual arrangements with private sector insurancecarriers and service corporations. Participation by eligible employees is mandatory for retirement and SocialSecurity, but optional for the other programs. ETF collects but does not invest the trust fund monies created forthese programs. That responsibility rests with the State of Wisconsin Investment Board (SWIB).

ETF is responsible for:• Collecting all monies due the trust funds.• Calculating and ensuring appropriate disbursement of all benefit payments from the trust funds.• Providing information to, and answering inquiries from, participating employees and employers.• Establishing the controls, systems, and procedures necessary to ensure the appropriate administration

and security of the trust.

Funding Status

PENSION PLANThe funded status of the WRS is the measure of the extent to which the system has accumulated enough assetsto pay the benefits earned by participants. The funded ratio is the ratio of plan assets to estimated futureliabilities. The assets can be measured using either the current fair value of assets or a smoothed funding value ofassets. The fair value measurement gives a more timely measurement, but can be extremely volatile. The fundingvalue measurement, where gains or losses are smoothed over a five-year period, is less representative of currentfair value, but better presents the funding trends without the year-to-year volatility.

The WRS continues to be one of the best-funded public employee retirement systems in the country. A well-funded system ensures that a lifetime of benefits can be paid to today’s workers without burdening the nextgeneration of taxpayers with higher contributions. The financial strength of the WRS is attributable to its uniqueplan design, funding discipline at the state and local level, strong governance, and the effective investmentstrategies of the SWIB.

The funding value-based ratio of the WRS remains approximately 100% as of December 31, 2017. The fair value-based ratio, calculated in accordance with standards issued by the Governmental Accounting Standards Board, is102.9%. This is an increase from 99.1%, and was primarily the result of higher market returns in 2017 comparedto 2016. OTHER EMPLOYEE BENEFIT PROGRAMSThe funded status of the Health Insurance Program is a measure of the extent to which the system hasaccumulated enough assets to pay the benefits earned by participants, meet the liquidity needs of the program,and smooth year-to-year volatility in claims. Funded status is measured as the ratio of reserves to annualexpenses.

In 2017, both the State and Local Health Plan include fully-insured Health Maintenance Organization Plans, a self-insured fee-for-service “Standard Plan”, a self-insured Pharmacy Benefit Plan and a self-insured Dental BenefitPlan. The reserves as a percentage of annual expenses of the self-insured plans as of December 31, 2017, were:

4 COMPREHENSIVE ANNUAL FINANCIAL REPORT 2017


Plan Type

Reserves as aPercentage of

Annual ExpensesState Standard Plan 203%State Pharmacy Benefit Plan 51%State Dental Benefit Plan 0.6%Local Standard Plan 12%Local Pharmacy Benefit Plan 58%Local Dental Benefit Plan (12%)

2016 was the first year of the self-insured Dental Benefit Plan. Considering the fund balance and projected futureclaims, the GIB approved a 4.3% premium rate increase at its August 2017 meeting for 2018 rates.

Please refer to Note 9 and the Statistical Section for the funding status of other employee benefit programs.

InvestmentsAt December 31, 2017, the total assets of the Core and Variable investment portfolios was $119.3 billion, anincrease from $99.8 billion at December 31, 2016. The increase was due to positive investment returns caused bymore favorable market conditions in 2017 compared to 2016.

Legislative InitiativesDuring 2017, there was no legislation enacted that significantly affected the WRS and the employee benefitprograms administered by ETF.

AdministrationETF’s administration of the WRS continues to make it one of the most cost-efficient systems in terms ofadministrative expenses per member. In a recent public pension fund administration benchmarking studyconducted by industry leader CEM Benchmarking, Inc., the annual per-member administrative expensesassociated with the retirement and disability programs was $72 for the WRS, compared to the median per-member cost of $93 for peer retirement systems. ETF employs one full-time equivalent staff person per 1,795members, compared to the peer system median of one per 1,491 members. AcknowledgementsWe would like to express our appreciation to the Governor, members of the Legislature, members of the boards,staff, employers, participants, and all those whose efforts and interest combine to ensure the successfuloperation of our system, while protecting the integrity of the trust funds.

Sincerely,

Robert J. Conlin Secretary

Cindy Klimke-ArmatoskiChief Trust Financial Officer


Public Pension Coordinating Council

Public Pension Standards AwardFor Funding and Administration

2017

Presented to

Wisconsin Department of Employee Trust FundsIn recognition of meeting professional standards for

plan funding and administration as set forth in the Public Pension Standards.

Presented by the Public Pension Coordinating Council, a confederation of

National Association of State Retirement Administrators (NASRA)National Conference on Public Employee Retirement Systems (NCPERS)

National Council on Teacher Retirement (NCTR)

Alan H. WinkleProgram Administrator



ETF Boards and Department Organization

The individuals who serve on the boards that provideoversight for the Department of Employee TrustFunds (ETF) play important roles. Board decisionsaffect hundreds of thousands of individuals whoparticipate in the retirement programs funded by thetrust funds as well as other fringe benefit programsETF operates for Wisconsin.

This section explains how board membership isdetermined and how membership overlaps. Understate law, members of the boards are chosen in avariety of ways. Some members are ex-officio, someare direct appointees of the governor, others areappointed to fixed terms from lists submitted to thegovernor by specified organizations, and still othersare directly elected by active participants or retirees.

The members and officers of each board are listedbelow, along with a short explanation of boardresponsibilities. Membership on the boards as ofDecember 31, 2017, is as follows:

» Employee Trust Funds Board (13 Members)

This board has general oversight of ETF; appoints theETF Secretary; approves tables used for computingbenefits, contribution rates and actuarialassumptions; authorizes all annuities except fordisability; approves or rejects ETF administrative rules;and generally oversees administration of the benefitprograms, except group health, life and incomecontinuation insurance plans, employeereimbursement account, commuter benefit, andhealth savings account programs.

State law sets ETF Board membership criteria, withsome members appointed by the TeachersRetirement Board (TR Board) and the WisconsinRetirement Board (WR Board). The ETF Board hasestablished three committees to assist the Board infulfilling its fiduciary and oversight responsibilities: anExecutive Committee, an Audit Committee and aBudget and Operations Committee. The ExecutiveCommittee oversees the effective operation of Boardand other Committee meetings and reviewspersonnel matters relating to the Department and

the Secretary. The Audit Committee reviews theadequacy and effectiveness of the Department’ssystem of internal controls, including those relating toinformation technology systems, and theDepartment’s accounting and financial reportingsystems. The Budget and Operations Committeereviews the biennial budget process and theDepartment’s operating budget, as well as theDepartment’s strategic business and informationtechnology planning activities.

Board Members

Chair: Wayne E. KoesslAppointed by the WR Board. WR Board memberappointed under § 15.165 (3)(b) 1,2,4,5 or 8 (chiefexecutive, finance officer or member of a governingbody of a participating city or village, county clerk,deputy county clerk, chairperson, or member of thegoverning body of a participating county or town, orpublic member who is not a participant).

Vice Chair: John DavidAppointed by Wisconsin Retirement Board. Any WRBoard member appointed under § 15.16(1)(b).

Secretary: Robert M. NiendorfAppointed by the TR Board. TR Board memberappointed under § 15.165 (3)(a)4 (UW teacherparticipant).

William FordElected by WRS annuitants. WRS annuitant as definedfor purposes other than life insurance under § 40.02(4). § 15.16 (1)(d)

Michael LangyelAppointed by the TR Board. TR Board member electedunder § 15.165 (3)(a)7 (City of Milwaukee teacherparticipant). § 15.165 (1)(a)3

Leilani PaulElected by educational support personnel. WRSparticipant who is either a public school districteducational support employee or a technical collegedistrict educational support employee. § 15.16 (1)(f )


Roberta RasmusAppointed by the TR Board. TR Board memberappointed under § 15.165 (3)(a)3 or 5 (public schooladministrator or school board member). § 15.165 (3)(a)5

Stacey RolstonAdministrator in Department of Administration,Division of Personnel Management or Administrator’sdesignee. § 15.16 (1) (intro.)

Victor ShierAppointed by Governor, with Senate confirmation.Public member who is not a participant in orbeneficiary of the WRS, with at least five years ofexperience in actuarial analysis, administration of anemployee benefit plan, or significant administrativeresponsibility in a major insurer. § 15.16 (1)(c)

Mary Von RudenAppointed by the WR Board. WR Board memberappointed under §15.165 (3)(b)3, 6, or 7 (participatingemployee of a city or village, participating employeeof a local employer other than a city or village orparticipating state employee). § 15.16 (1)(b)2

David WiltgenAppointed by TR Board. TR Board member appointedor elected under § 15.165 (3)(a) 1 or 2 (public orvocational school teacher).

Bob ZiegelbauerGovernor or the Governor’s designee on the GroupInsurance Board. § 15.16 (1) (intro.)

VacantAppointed by Wisconsin Retirement Board. WisconsinRetirement Board member appointed under § 15.165(3)(b) 7 or 8 (participating state employee or publicmember who is not a participant). § 15.16 (1)(b) 3

» Wisconsin Retirement Board (9 Members)

The WR Board advises the ETF Board on mattersrelating to retirement; approves or rejectsadministrative rules; authorizes or terminatesdisability benefits for non-teachers; and hears appealsof disability rulings. This board appoints fourmembers to the ETF Board and one non-teachingmember to the State of Wisconsin Investment Board.

Board Members

Chair: Wayne E. KoesslAppointed by the Governor from a list of five namessubmitted by the executive committee of theWisconsin Counties Association. Chairperson ormember of the governing body of a participatingcounty or town, and from a different county thansubds. 5 & 6. § 15.165 (3)(b)4

Vice Chair: John DavidAppointed by the Governor from a list of five namessubmitted by the Board of Directors of the League ofWisconsin Municipalities. Chief executive or memberof the governing body of a participating city or villageand from a different county than subds. 2 & 3.§ 15.165 (3)(b)1

Secretary: Steven WildingAppointed by the Governor. Participating employeeof a participating city or village and from a differentcounty than subds. 1 & 2 § 15.165 (3)(b)3

Ted NickelEx officio; Commissioner of Insurance or anexperienced actuary in the Office of theCommissioner designated by the Commissioner. § 15.165 (3)(b)9

Scott NorstrandAppointed by Governor. Public member who is not aparticipant or beneficiary of the WRS. § 15.165 (3)(b)8

Herbert StinskiAppointed by the Governor. Participating employeeand principal finance officer of a participating city orvillage and from a different county than subds. 1 & 3.§ 15.165 (3)(b)2

Mary Von RudenAppointed by the Governor. Participating employeefrom a participating local employer other than a cityor village and from a different county than subds.4 & 5. § 15.165 (3)(b)6

Julie WathkeAppointed by the Governor. County clerk or deputycounty clerk from a participating county differentthan subds. 4 & 6. § 15.165 (3)(b)5



VacantAppointed by the Governor. Participating stateemployee. § 15.165 (3)(b)7

» Teachers Retirement Board (13 Members)

The TR Board advises the ETF Board on retirement andother benefit matters involving public school,technical college, state and university teachers; actson administrative rules and authorizes or terminatesteacher disability benefits and hears disability benefitappeals. Nine of the 13 members are elected. Thisboard appoints four members to the ETF Board andone teacher participant to the State of WisconsinInvestment Board.

Board Members

Chair: Robin StarckElected by public school teachers. Public schoolteacher. § 15.165 (3)(a)1

Vice Chair: David WiltgenElected by public school teachers. Public schoolteacher. § 15.165 (3)(a)1

Secretary: Brent GrochowskiElected by public school teachers. Public schoolteacher. § 15.165 (3)(a)1

Sandra Claflin-ChaltonAppointed by the Governor. UW teacher participant inthe WRS (not from same campus as other UW teacherrepresentative). § 15.165 (3)(a)4

Gary Epping Appointed by the Governor. Member of a schoolboard. § 15.165 (3)(a)5

Chris HellerElected by public school teachers. Public schoolteacher. § 15.165 (3)(a)1

Craig HubbellAppointed by the Governor. Public schooladministrator who is not a classroom teacher. § 15.165 (3)(a)3

James LangkampElected by public school teachers. Public schoolteacher. § 15.165 (3)(a)1

Dennis MurphyElected by annuitants who were teacher participants.Annuitant who was a teacher participant in the WRS.§ 15.165 (3)(a)6

R. Thomas PedersenElected by participating Wisconsin Technical Collegeteachers. Public school teacher from a participatingWisconsin Technical College district and aparticipating employee in the WRS. § 15.165 (3)(a)2

Allison PrattElected by public school teachers. Public schoolteacher. § 15.165 (3)(a)1

David SchalowAppointed by the Governor. UW teacher participant inthe WRS (not from same campus as other UW teacherrepresentative). § 15.165 (3)(a)4

Kim SchroederElected by Milwaukee Public School District teacherswho are participants. City of Milwaukee teacher whois a participant in the WRS. § 15.165 (3)(a)7

» Group Insurance Board (11 Members)

This board sets policy for the group health, life, andincome continuation insurance plans as well asemployee reimbursement account, commuterbenefit, and health savings account programs forstate employees and the group health, life andincome continuation insurance plans for localemployers who choose to offer them. The board alsocan provide other insurance plans, if employees paythe entire premium.

Board Members

Chair: Michael FarrellAppointed by the Governor. No membershiprequirement. § 15.165 (2)


Vice Chair: Stacey RolstonEx officio; Administrator in Department ofAdministration, Division of Personnel Management orAdministrator's designee. § 15.165 (2)

Secretary: Herschel DayAppointed by the Governor. Insured participant in theWRS who is a teacher. § 15.165 (2)

Charles GrapentineAppointed by the Governor. Insured participant in theWRS who is a retired employee. § 15.165 (2)

Waylon HurlburtEx officio; Secretary of Department of Administrationor Secretary’s designee. § 15.165 (2)

Theodore NeitzkeAppointed by the Governor. Insured participant in theWRS who is an employee of a local unit ofgovernment. § 15.165 (2)

Jennifer StegallAppointed by the Governor. Insured participant inWRS who is not a teacher. § 15.165 (2)

Francis SullivanEx officio; Attorney General or his/her designee. § 15.165 (2)

Nancy Thompson Appointed by the Governor. Chief executive ormember of the governing body of a local unit ofgovernment that is a participating employer. § 15.165 (2)

J.P. WieskeEx officio; Commissioner of Insurance orCommissioner's designee. § 15.165 (2)

Bob ZiegelbauerEx officio; Governor or Governor’s designee. § 15.165 (2)(intro)

» Deferred Compensation Board (5 Members)

This board sets policy, contracts with investment andadministrative service providers, and overseesadministration of the Deferred CompensationProgram. The board is responsible for establishingcriteria and procedures for selecting and evaluatinginvestment options offered by the Program. Thegovernor, with senate confirmation, appoints allboard members; there are no statutory requirementsfor appointments.

Board Members

Chair: Edward D. MainAppointed by the Governor, with Senateconfirmation. No membership requirements.§15.165 (4)

Vice Chair: Gail HansonAppointed by the Governor, with Senateconfirmation. No membership requirements. § 15.165 (4)

Secretary: Arthur ZimmermanAppointed by the Governor, with Senateconfirmation. No membership requirements. § 15.165 (4)

Jason RothenbergAppointed by the Governor, with Senateconfirmation. No membership requirements. § 15.165 (4)

John SchererAppointed by the Governor, with Senateconfirmation. No membership requirements. § 15.165 (4)



Department Organization

The Department of Employee Trust Funds had 269.2 permanent positions at the end of 2017. TheDepartment’s organization chart is shown below:


» 2017 ETF Management Staff

Secretary: Robert J. Conlin Deputy Secretary: John VoelkerAssistant Deputy Secretary: Pamela HenningDirector of Strategic Engagement/GovernmentRelations: Tarna Hunter

Division of Retirement Services Administrator: Matt Stohr

Division of Management Services Administrator: Dana Perry

Division of Trust Finance Administrator: Cindy Klimke-Armatoski

Office of Strategic Health Policy Director: Lisa Ellinger

Office of Internal Audit Director: Yikchau Sze

Office of Communications Director: Mark Lamkins

Office of Policy, Privacy and Compliance Director: Steve Hurley

Office of Enterprise Initiatives Director: Bob Martin

Office of Legal Services Director: David Nispel

» Principal Consultants and Administrators

Consulting ActuariesGabriel Roeder Smith & Company Southfield, Michigan

Segal Consulting Atlanta, Georgia

Milliman, Inc. Portland, Maine

AuditorsLegislative Audit Bureau Madison, Wisconsin

» Third Party Administrators

Health Insurance WPS Health Insurance Madison, Wisconsin

Pharmacy Benefits Manager Navitus Health Solutions, LLC Madison, Wisconsin

Dental InsuranceDelta DentalStevens Point, Wisconsin

Wellness and Disease Management Program The StayWell Company, LLCSaint Paul, Minnesota

Income Continuation Insurance Aetna Life Insurance CompanyLexington, Kentucky

Deferred Compensation Empower RetirementGreenwood Village, Colorado

Employee Reimbursement Accounts Programand Commuter BenefitsTotal Administrative Services Corporation (TASC) Madison, Wisconsin

Life InsuranceSecurian Financial Group, IncSaint Paul, Minnesota



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Independent Auditor’s Report on the Financial Statements and Other Reporting Required by Government Auditing Standards

Senator Robert Cowles and Representative Samantha Kerkman, Co-Chairpersons Joint Legislative Audit Committee

Members of the Employee Trust Funds Board and Mr. Robert J. Conlin, Secretary Department of Employee Trust Funds

Report on the Financial Statements

We have audited the accompanying Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position, and the related notes for the following fiduciary funds administered by the State of Wisconsin Department of Employee Trust Funds (ETF) as of and for the year ended December 31, 2017: the Wisconsin Retirement System (WRS), Accumulated Sick Leave Conversion Credits, Employee Reimbursement Accounts and Commuter Benefits, State Retiree Life Insurance, Local Retiree Life Insurance, and Milwaukee Retirement Systems. We have also audited the accompanying Statement of Fiduciary Net Position, Statement of Changes in Assets and Liabilities, and the related notes for the following fiduciary funds administered by ETF as of and for the year ended December 31, 2017: the State Retiree Health Insurance and Local Retiree Health Insurance funds. Finally, we have audited the accompanying Statement of Net Position; Statement of Revenues, Expenses, and Changes in Fund Net Position; Statement of Cash Flows; and the related notes for the following proprietary funds administered by ETF as of and for the year ended December 31, 2017: Duty Disability Insurance, Health Insurance, Income Continuation Insurance, and Life Insurance.

Management’s Responsibility for the Financial Statements

Management of ETF is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America. This includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, which is issued by the Comptroller General of the United States. Those


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standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on these financial statements.

Opinions

In our opinion, the financial statements present fairly, in all material respects, the financial position of each fiduciary fund and each proprietary fund referred to in the first paragraph as of December 31, 2017, the respective changes in the financial position and, where applicable, cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America.

Emphases of Matter

As discussed in Note 1 to the financial statements, the financial statements referred to in the first paragraph present only the fiduciary and proprietary funds administered by ETF and do not purport to, and do not, present fairly the financial position of the State of Wisconsin as of December 31, 2017, the changes in its financial position, or where applicable, its cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America.

As discussed in Note 2A to the financial statements, ETF implemented Governmental Accounting Standards Board (GASB) Statement Number 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, which changed presentation and disclosure requirements for postemployment benefit plans.

As discussed in Note 2B to the financial statements, ETF changed the presentation of the Long-Term Disability Insurance (LTDI) program to report the program as part of the WRS because LTDI benefits are provided as part of the WRS pension plan. For the fiscal year ended December 31, 2017, the LTDI fund was reported in the WRS fund and resulted in an adjustment to the beginning net position of the WRS fund and changes to several note disclosures.

As discussed in Note 2C, the financial statements of the Duty Disability Insurance program were reclassified from an other postemployment benefit (OPEB) to a public entity risk pool accounted for under GASB Statement Number 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues, after ETF considered changes in OPEB standards under

COMPREHENSIVE ANNUAL FINANCIAL REPORT 2017 15

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GASB Statement Number 74. This reclassification resulted in an adjustment to the beginning net position of the Duty Disability Insurance program and changes to several note disclosures.

As discussed in Note 2D, the beginning net position of the Employee Reimbursement Accounts and Commuter Benefits program was restated for the correction of an error.

As discussed in Note 2E, ETF changed how it accounted for interfund activity between the Health Insurance Fund and the State Retiree Health Insurance Fund and the Local Retiree Health Insurance Fund. This included a transfer from the Health Insurance Fund to the State Retiree Health Insurance Fund and the Local Retiree Health Insurance Fund to eliminate a long-standing interfund loan balance that had accrued over several years.

As discussed in Note 3 to the financial statements, the financial statements include investments that do not have readily ascertainable market prices and are valued based on a variety of third-party pricing methods. However, because of the inherent uncertainty of valuation, those estimated values may differ from the values that would have been used had a ready market for the investments existed.

Our opinions are not modified with respect to these matters.

Other Matters

Required Supplementary Information—Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis on pages 18 through 31, and the following information found on pages 98 through 108 be presented to supplement the financial statements: claims development information for public entity risk pools; the Wisconsin Retirement System’s Schedules of Changes in Net Pension Liability (Asset) and Related Ratios, Schedule of Required Employer Contributions, and Schedule of Investment Returns, which include the related note; and the State Retiree Life Insurance Schedules of Changes in Net OPEB Liability (Asset) and Related Ratios, the Local Retiree Life Insurance Schedules of Changes in Net OPEB Liability (Asset) and Related Ratios, and the Schedule of Investment Returns for State and Local Retiree Life Insurance. Such information, although not a part of the financial statements, is required by GASB, which considers it to be essential for placing the financial statements in an appropriate operational, economic, or historical context. In accordance with auditing standards generally accepted in the United States of America, we have applied certain limited procedures to the required supplementary information that included inquiries of management about the methods of preparing the information. We further compared the information for consistency with management’s responses to our inquiries, the financial statements, and other knowledge we obtained during our audit of the financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to do so.

Accompanying Information—Our audit was conducted for the purpose of forming opinions on the financial statements referred to in the first paragraph. The supplementary information included in the sections listed in the table of contents entitled Introductory Section, Statistical Section, Actuarial Section, Investment Section, and Contributions Paid and Employer Unfunded Liability Balances is presented for purposes of additional analysis and is not a required part of the financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we do not express an opinion or provide any assurance on it.


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Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated October 2, 2018, on our consideration of ETF’s internal control over financial reporting; our tests of its compliance with certain provisions of laws, regulations, and contracts; and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be used when considering ETF’s internal control over financial reporting and compliance.

LEGISLATIVE AUDIT BUREAU

Joe ChrismanState Auditor

October 2, 2018


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Management’s Discussion and Analysis

Management of the Wisconsin Department of Employee Trust Funds (ETF) presents this discussion andanalysis of the financial activities for the year ended December 31, 2017. This narrative is intended tosupplement the financial statements which follow and should be read in conjunction with the notedisclosures, which are an integral part of the financial statements.

ETF administers a defined benefit pension trust and other employee benefit plans for approximately 633,000members, retirees, and beneficiaries.

» Overview of the Financial Statements

The following discussion and analysis is intended to serve as an introduction to ETF’s financial statements. Thefinancial statements include:

• Statement of Fiduciary Net Position

• Statement of Changes in Fiduciary Net Position

• Statement of Net Position – Proprietary Funds

• Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds

• Statement of Cash Flows – Proprietary Funds

• Statement of Fiduciary Net Position – Agency Funds

• Statement of Changes in Assets and Liabilities – Agency Funds

• Notes to Financial Statements

Funds are categorized as either fiduciary, proprietary, or agency, based on the purpose and activities of thefund.

Fiduciary funds are used to report assets held by ETF as trustee for others. ETF is responsible for handling theassets placed under its control. The fiduciary funds reported by ETF include:

• Wisconsin Retirement System (WRS)

• Accumulated Sick Leave Conversion Credits

• Employee Reimbursement Accounts/Commuter Benefits

• State Retiree Life Insurance

• Local Retiree Life Insurance

• Milwaukee Retirement System

The activities in the proprietary funds operate similar to a private business. Fees are charged for servicesprovided, and the focus is on determining financial position, operating and non-operating income, cash flows,and changes in net position. The proprietary funds reported by ETF include:

• Duty Disability Insurance

• Health Insurance


FINANCIAL SECTION

• Income Continuation Insurance

• Life Insurance

Agency funds are fiduciary funds where the assets of the fund are held for distribution by the Department asan agent for which ETF has custodial responsibility and accounts for the flow of assets. The agency fundsreported by ETF include:

• State Retiree Health Insurance

• Local Retiree Health Insurance

» Financial Statements

The Statement of Net Position provides a snapshot of account balances at a point in time. It reports the assetsavailable for future payments to benefit recipients, along with any liabilities that are owed as of the statementdate. The full accrual basis of accounting is used.

The difference between assets and liabilities represents the net value of assets held in trust for future benefitpayments. These amounts are called “Net Position Restricted for Pensions, Other Post-employment Benefits,and Other Purposes” for fiduciary funds, “Net Position – Restricted (Unrestricted) for Benefits” for proprietaryfunds, and "Net Position Held For Other Post Employment Benefits" for agency funds.

The Statement of Changes in Fiduciary Net Position for fiduciary funds, the Statement of Revenues, Expenses,and Changes in Fund Net Position for proprietary funds, and the Statement of Changes in Assets and Liabilitiesfor agency funds displays the effect of financial transactions that occurred during the calendar year. Forfiduciary funds, additions less deductions equals the net increase (decrease) in net position. For proprietaryfunds, revenues less expenses equal the change in net position. This net increase (decrease) reflects thechange in the value of net position that occurred between the current and prior year.

Notes to the Financial Statements are an integral part of the financial statements and provide additionalinformation that is essential for a comprehensive understanding of the data reported in the financialstatements. The notes describe the accounting and administrative policies under which ETF operates,significant account balances and activities, material risks, obligations, contingencies and subsequent events, ifany.

The Required Supplementary Information (RSI) includes:

• Public Entity Risk Pools Claims Development;

• Schedule of Changes in Net Pension Liability (Asset) and Related Ratios-WRS;

• Schedule of Required Employer Contributions-WRS;

• Schedule of Investment Returns-WRS;

• Schedule of Changes in Net OPEB Liability (Asset) and Related Ratios-State and Local Retiree LifeInsurance; and

• Schedule of Investment Returns-State and Local Retiree Life Insurance.

The financial statements and related notes are prepared in accordance with Generally Accepted AccountingPrinciples (GAAP) established by the Governmental Accounting Standards Board (GASB).

COMPREHENSIVE ANNUAL FINANCIAL REPORT 2017 19FINANCIAL SECTION

» Financial Highlights

• ETF implemented several accounting changes for the year ended December 31, 2017, including thefollowing:

◦ ETF implemented GASB Statement No. 74, Financial Reporting for Postemployment Benefit PlansOther Than Pension as of December 31, 2017. GASB Statement No. 74 presents improvedinformation about post-employment benefit plans other than pensions (OPEB) that areadministered through trusts. ETF administers two OPEB plans through a trust: State Retiree LifeInsurance and Local Retiree Life Insurance. Because of GASB Statement No. 74, ETF made severalchanges in financial reporting to reclassify activity in the Statement of Fiduciary Net Position forthe programs. Note 2 describes these changes and Note 9 includes information required to bedisclosed for the programs.

◦ In conjunction with the implementation of GASB Statement No. 74, ETF reevaluated thepresentation of other programs and concluded it would be more appropriate to report the Long-Term Disability Insurance (LTDI) program as a pension benefit (combined with the WRS) and theDuty Disability Insurance program as an enterprise fund. Beginning balances were restated due tothese changes and are noted in the table below.

◦ Under normal operations, the State and Local Retiree Health Insurance programs are likely to havea surplus or deficit each year, primarily due to premiums collected being more or less than theclaim payments. Previously, this surplus or deficit was recorded as an interfund payable orreceivable to the Health Insurance program as well as a Due From/To Employers. Beginning withthe financial statements as of and for the year ended December 31, 2017, ETF has determined itwould be more appropriate to transfer contributions between the Health Insurance program andState and Local Retiree Health Insurance programs each year rather than record an Inter-fundReceivable/Payable and a Due From/To Employers.

In 2017, ETF eliminated the Inter-fund Receivable/Payable between the State and Local RetireeHealth Insurance programs and the Health Insurance program as well as a Due From/To Employersthat had accumulated in these accounts in prior periods. The accumulated deficit as of December31, 2016 for the State Retiree Health Insurance program was $67.3 million, and for the Local RetireeHealth insurance program was 20.0 million.

Note 2 further describes these changes.

RESTATEMENT OF NET POSITION BY PROGRAMAT DECEMBER 31(In Thousands)

Program 2016Adjusted Assets

and Liabilities 2016 Restated

Wisconsin Retirement System $ 92,580,102 $ 233,692 $ 92,813,794Duty Disability Insurance 592,825 (453,448) 139,377Health Insurance 237,296 (87,302) 149,994


FINANCIAL SECTION

As shown in the Net Position by Program table, overall net position of all programs increased by $11.9billion or 12.7% from $93.8 billion in 2016 to $105.7 billion in 2017. The increase in net position wasprimarily a result of higher returns on investments due to more favorable market conditions in 2017compared to 2016.

NET POSITION BY PROGRAMAT DECEMBER 31(In Thousands)

Program 2017 2016* $ Change%Change

Wisconsin Retirement System $ 104,396,462 $ 92,813,794 $ 11,582,668 12.5%Accumulated Sick Leave Conversion Credits 59,807 (102,071) 161,878 158.6Employee Reimbursement Accounts/Commuter Benefits 1,303 1,074 229 21.3State Retiree Life Insurance 351,972 357,435 (5,463) (1.5)Local Retiree Life Insurance 244,231 243,112 1,119 0.5Milwaukee Retirement Systems 193,366 182,719 10,647 5.8Duty Disability Insurance 192,144 139,377 52,767 37.9Health Insurance 225,537 149,994 75,543 50.4Income Continuation Insurance 20,534 2,799 17,735 633.6Life Insurance 304 268 36 13.4Total $ 105,685,660 $93,788,501 $ 11,897,159 12.7%

*Amounts for the prior year include restatements of prior year balances.

• Total additions/revenues for 2017 were $18.9 billion which consisted mostly of contributions of $3.4 billionand investment gains of $15.4 billion.

• Total deductions/expenses for 2017 increased by 2.9% from $6.8 billion in 2016 to $7.0 billion in 2017,primarily due to an increase in the number of benefit recipients.

• The WRS funding ratio under the funding methodology used to establish required contributions continuesto be approximately 100% as of December 31, 2017. Under the GASB financial reporting method, the WRSis 102.9% funded as of December 31, 2017.

• As of December 31, 2017, the WRS had a Net Pension Asset of $2,969.1 million compared to a Net PensionLiability of $824.2 million as of December 31, 2016. The increase of approximately $3,793.3 million isprimarily attributable to higher returns on investments due to stronger market conditions in 2017. TheTotal Pension Liability increased from $93.4 billion in 2016 to $101.4 billion in 2017.

» Analysis of WRS Financial Activity

The WRS is a cost-sharing, multiple-employer public employee retirement system established andadministered by the State of Wisconsin to provide pension benefits for state and local government employees.The system is administered in accordance with Chapter 40 of the Wisconsin Statutes. ETF, under the directionof the ETF Board, is responsible for administration of the WRS, including collecting contributions fromemployers and paying retirement benefits to WRS participants. The State of Wisconsin Investment Board(SWIB) is responsible for managing WRS investments.


The system’s funding objective is to meet its long-term benefit obligations through contributions andinvestment income. The tables on a subsequent page show comparative summaries of the WRS Net Positionand the changes in the WRS net position for 2017 and 2016. Contributions and the income from investmentsprovide the reserves needed to finance the benefits provided under the programs.

SUMMARY OF WRS NET POSTIONAT DECEMBER 31(In Millions)

2017 Increase (Decrease) 2016*Assets

Cash and Receivables $ 5,318 $ (2,974) $ 8,292Investments at Fair Value 112,616 21,882 90,734Securities Lending Collateral 1,577 572 1,005Prepaid Expenses 27 21 6Capital Assets 34 8 26Total Assets $ 119,572 $ 19,509 $ 100,063

LiabilitiesCore Investment Due To Other Benefit Programs 3,786 427 3,359Variable Investment Due To Other Benefit Programs 20 (2) 22Obligation Under Reverse Repurchase Agreements 6,114 4,283 1,831Investment Payables 467 305 162Securities Lending Collateral Liability 1,577 572 1,005Other Payables 3,212 2,342 870Total Liabilities $ 15,176 $ 7,927 $ 7,249

Net Position Restricted for Pensions $ 104,396 $ 11,582 $ 92,814


SUMMARY OF CHANGES IN WRS NET POSITIONFOR THE YEAR ENDED DECEMBER 31(In Millions)

2017 Increase (Decrease) 2016*Contributions $ 1,983 $ 105 $ 1,878Net Investment Income 14,869 7,579 7,290Other Income 6 4 2Total Additions $ 16,858 $ 7,688 $ 9,170

Benefits/Benefit Expenses $ 5,250 201 $ 5,049Administrative Expenses 26 (1) 27Total Deductions $ 5,276 $ 200 $ 5,076

Net Increase (Decrease) in Net Position $ 11,582 $ 7,488 $ 4,094

Net Position - Beginning of Year 92,814 4,094 88,720Net Position - End of Year 104,396 11,582 92,814



FINANCIAL SECTION

Contributions and Investment Earnings

The retirement benefits provided by the WRS are funded from pension trust fund revenue. The primarysources of revenue are investment income generated from the investment of plan assets and contributions foractive members made by members and their employers.

Total contributions and investment earnings for the year ended December 31, 2017, was $16.9 billion. This wasan increase of $7.7 billion compared to $9.2 billion in 2016. As the table below shows, contributions remainedrelatively stable at about $2.0 billion, while investment income increased by $7.6 billion, primarily due to morefavorable market conditions in 2017 as compared to 2016.

2017 2016

Contributions and Net Investment Income

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

$(M

illio

ns)

Contributions Net Investment Income

1,983

14,869

1,878

7,290

The assets of the WRS are valued at fair market value and are invested in the Core Retirement Investment Trust(Core Fund) and the Variable Retirement Investment Trust (Variable Fund). All WRS members have at least half,if not all, of their pension contributions invested in the Core Fund. The Core Fund is a diversified, balancedfund invested for the long-term needs of the WRS. Diversification helps to stabilize the effects of marketchanges. The investment objective of this trust fund is to meet or exceed an average of 7.2% annual nominalreturn over the long-term. This objective is based on market rate of return and actuarial assumptions neededto meet the obligations of the WRS. The Variable Fund allows active employees participating in the WRS to putup to half of their pension fund contributions into this global stock fund. Approximately 15% of WRS membersparticipate in the Variable Fund. By statute, the Variable Fund invests in stocks and provides participants thepotential for higher returns in exchange for higher risk. The investment objective of the Variable Fund is tomeet or exceed broad equity market indices over a full market cycle.

The State of Wisconsin Investment Board (SWIB) is responsible for managing the assets of the WRS. See Note 3for additional information on Investments and Securities Lending Transactions.


Expenses - Deductions from Plan Net Position

The primary expenses of the WRS include annuity benefits for retirees and beneficiaries, refunds ofcontributions to former members, and expenses associated with the administration of the retirement plans.Benefit payments for 2017 totaled $5,250 million, an increase of $201 million or 4.0% over the 2016 amount of$5,049 million. This was due to the number of retired participants increasing from 197,647 as of December 31,2016, to 203,300 as of December 31, 2017. Administrative expenses of approximately $26 million accountedfor less than 1% of the deductions to net position in 2017, a $1 million decrease from $27 million in 2016.

Investment expenses are deducted from investment income and were $487 million in 2017, an increase of24.5% from $391 million in 2016. The increase was primarily related to fees paid to to external investmentmanagers. Although the overall percentage of assets managed externally did not materially change, thedollar amount of assets managed externally increased due in large part to increased positive investmentperformance.

Benefit Payments

Administrative expenses

Expenses as of December 31, 2017

(In Millions)

5,250: 99.5%

26: 0.5%

Retirement Reserves

The funds accumulated by the WRS to meet current and future obligations to retirees and beneficiaries arederived from the excess of revenue over expenses. Reserves have been established to reflect legal restrictionsestablished by Wisconsin Statutes on the use of funds. The higher level of funding a plan achieves, the largerthe accumulation of assets and the greater the investment income potential. In 2017 revenue exceededexpenses, leading to an increase of $11,529 million in the retirement reserves. The increase was primarilyrelated to the increase in investment earnings in 2017. The reserves are invested in either the Core Fund or theVariable Fund. 92% of the reserves are invested in the Core Fund and 8% are invested in the Variable Fund.


FINANCIAL SECTION

Core Reserves

Variable Reserves

Total Reserves Core vs. Variable(In Millions)

96,192: 92%

8,056: 8%

SUMMARY OF PENSION PLAN RESERVE BALANCESFOR THE YEARS ENDED DEC 31(In Millions)

Total Reserves 2017Increase

(Decrease) 2016*Annuity $ 59,581 $ 3,492 $ 56,089Employee 18,237 1,059 17,178Employee Additional 204 20 184Employer 23,064 830 22,234Market Recognition Account (WRS Only) 3,162 6,128 (2,966)Total Reserves $ 104,248 $ 11,529 $ 92,719



Members, Retirees, Beneficiaries and Employers

Approximately 257,000 active members were employed with 1,499 WRS-participating employers as ofDecember 31, 2017. The number of inactives, retirees and other annuitants totaled 375,389 at year-end. Totalmembers served by the WRS in 2017 was approximately 633,000 as shown in the following tables.

DISTRIBUTION OF ACTIVE MEMBERSAT DECEMBER 31

2017 2016

NumberPercent of

Total NumberPercent of

TotalGeneral 133,107 51.7% 133,843 52.0%Teachers 100,738 39.1 99,850 38.8Elected/Executive/Judges 1,351 0.5 1,369 0.5Protective with Social Security 19,465 7.6 19,468 7.6Protective without Social Security 2,752 1.1 2,755 1.1Total Active Members 257,413 100.0% 257,285 100.0%

Additional information about members is presented in Note 4 and in the Statistical Section.

DISTRIBUTION OF INACTIVES, RETIREES, AND BENEFICIARIESAT DECEMBER 31

2017 2016

NumberPercent of

Total NumberPercent of

TotalInactive Members:

Terminated Participants 167,996 44.8% 163,145 44.7%Alternate Payees 4,093 1.1 4,046 1.1

Retirees and Beneficiaries:Retirement Annuitants 195,762 52.1 190,111 52.1Disability Annuitants* 6,189 1.6 6,198 1.7Death Beneficiary Annuitants 1,349 0.4 1,338 0.4

Total Inactive and Retiree Members 375,389 100.0% 364,838 100.0%*Beginning in 2017, LTDI participants are included in the disability annuity counts.Additional information about retirees and beneficiaries is presented in the Statistical Section.


FINANCIAL SECTION

The number of participating employers by category as of December 31, 2017 and 2016, was:

DISTRIBUTION OF EMPLOYERSAT DECEMBER 31

2017 2016State Agencies, UW & Public Authorities 57 58Cities 152 152Counties 71 714th Class Cities 36 36Villages 268 266Towns 257 254School Districts 422 422Cooperative Educational Service Agencies 12 12WI Technical College System Districts 16 16Special Districts 208 208Total Employers 1,499 1,495

Actuarial Valuations and Funding Progress - Pension Plan

ETF’s actuarial consultant performs an actuarial valuation of the WRS each year to determine fundingrequirements and establish contribution rates. The funding policy provides for periodic employercontributions at actuarially determined rates that will remain relatively level over time as a percentage ofpayroll and will accumulate sufficient assets to meet the costs of all benefits when due. The latest valuation ofthe pension plan was performed by Gabriel Roeder Smith & Company (GRS). Under the funding methodology,the WRS is approximately 100% funded as of December 31, 2017. For financial reporting purposes, a fundingratio is calculated in accordance with GASB pension accounting standards. Under these standards, the WRSwas 102.9% funded as of December 31, 2017.

» Analysis of Financial Activities – Other Employee Benefit Plans

Accumulated Sick Leave Conversion Credits (ASLCC) Program

The ASLCC Program allows retirees of the State of Wisconsin, the University of Wisconsin (UW) System, the UWHospital & Clinics Authority, and other state authorities, at the time of their retirement, to convert the value oftheir unused sick leave accumulation into an account to be used to pay for post-retirement health insurance.

During 2017, the ASLCC Program collected $57.9 million in contributions from participating employerscompared to $52.2 million in 2016. The program incurred expenses of $262.4 million in 2017, an increase of$34.6 million from $227.8 million in 2016. The change in actuarially determined liabilities from year to yearimpacts expenses and was the primary reason for the increase.

The ASLCC Program has a net position of $59.8 million at December 31, 2017. This was an increase of $161.9million from a $(102.1) million net position as of December 31, 2016. Investment income was $366.4 million for2017 as compared to $185.5 million for 2016 and is the main reason for the increase in net position.

There were 103,269 ASLCC participants as of December 31, 2017, an increase of 2.7% over the previous year.Participants include 71,945 active employees; 25,547 retirees and others using ASLCC credits; and 5,777“escrowed annuitants” – former employees who have not yet started using credits from their ASLCC accounts.


Employee Reimbursement Accounts/Commuter Benefits Program

The Employee Reimbursement Accounts Program reimburses qualifying medical and dependent careexpenses, while the Commuter Benefits Program reimburses qualifying transportation expenses, foremployees of the State of Wisconsin who sign up for pre-tax payroll deductions.

During 2017, the Employee Reimbursement Accounts/Commuter Benefits program collected $37.4 million incontributions from participating employees compared to $36.1 million during 2016, primarily due to a 7.7%increase in program participants as compared to 2016. The program paid benefits and expenses of $37.3million in 2017, which was an increase of $1.0 million from the restated $36.3 million in 2016.

The Employee Reimbursement Accounts/Commuter Benefits program had a net position of $1.3 million atDecember 31, 2017. This was an increase of approximately $0.2 million from a restated net position of $1.1million as of December 31, 2016.

There were 19,102 members that used the medical reimbursement accounts and 3,343 that used dependentcare reimbursements accounts in 2017 compared to 17,562 medical and 3,284 dependent care accounts in2016.

State Retiree Life Insurance Program

The State Retiree Life Insurance Program provides fully paid-up life insurance benefits for post-age 64 retiredemployees of the State of Wisconsin and pre-age 65 annuitants who pay for their coverage.

During 2017, the State Retiree Life Insurance Program collected $1.4 million in contributions compared to $4.9million collected in 2016. The program incurred expenses of $18.4 million during 2017 compared to $22.5million in 2016. Starting in 2017, contributions received from pre-age 65 annuitants are reported as areduction to benefit expense, in accordance with GASB Statement No. 74. Note 2 includes more informationabout this change.

The State Retiree Life Insurance Program had a net position of $352.0 million at December 31, 2017. This was adecrease of $5.4 million from a $357.4 million net position in 2016. Benefit expenses continue to exceedcontributions and investment income and is the main reason for the decrease in net position.

There were 32,005 members participating in the State Retiree Life Insurance Program in 2017 which was a3.6% increase in participants from 2016.

An actuarial valuation in accordance with GASB OPEB (Other Post Employment Benefits) accounting standardswas conducted by Milliman. As of December 31, 2017, the plan had a Net OPEB Liability of $493.5 million. Theplan Fiduciary Net Position as a percentage of the Total OPEB Liability was 42% . Additional information on thisvaluation can be found in Note 9.

Local Retiree Life Insurance Program

The Local Retiree Life Insurance Program provides fully paid-up life insurance benefits for post-age 64 retiredemployees of participating local governments in Wisconsin and pre-age 65 annuitants who pay for theircoverage.

During 2017, the Local Retiree Life Insurance Program collected $2.1 million in contributions compared to $7.5million during 2016. The program incurred expenses of $8.6 million in 2017 compared to $16.0 million in 2016.Starting in 2017, contributions received from pre-age 65 annuitants are reported as a reduction to benefitexpense, in accordance with GASB Statement No. 74. Note 2 includes more information about this change.


FINANCIAL SECTION

The Local Retiree Life Insurance Plan had a net position of $244.2 million at December 31, 2017, which is anincrease of $1.1 million compared to the net position of $243.1 million as of December 31, 2016.

There were 43,839 members participating in the Local Retiree Life Insurance Program in 2017, which was a3.2% increase in participants from 2016.

An actuarial valuation in accordance with GASB OPEB accounting standards was conducted by Milliman. As ofDecember 31, 2017, the plan had a Net OPEB Liability of $300.9 million. The plan Fiduciary Net Position as apercentage of the Total OPEB Liability was 45%. Additional information on this valuation can be found in Note9.

Milwaukee Retirement System

The Milwaukee Retirement System (MRS) invests funds with the WRS. Since 2014, the MRS only invested fundsfrom two Milwaukee Public Schools Supplemental Retirement Plans.

During 2017, the MRS deposited $3.0 million as compared to $7.0 million in 2016. The program distributed$21.0 million in 2017, an increase of $11.0 million in distributions from 2016. The program experienced aninvestment gain of $28.6 million in 2017 compared to an investment gain of $14.4 million in 2016.

The MRS had a fiduciary net position of $193.4 million at December 31, 2017. This was a $10.7 million increasein net position from $182.7 million in 2016. Additional information on the MRS can be found in Note 10.

Duty Disability Insurance Program

The Duty Disability Insurance Program pays special disability benefits to protective occupation participants inthe WRS. The program is self-insured, and the risk is shared between the State of Wisconsin and localgovernment employers in the program.

During 2017, the Duty Disability Insurance Program collected $8.7 million in contributions from participatingemployers, a 129% increase from $3.8 million in 2016 due to increased contribution rates. The programincurred benefits and expenses of $47.7 million during 2017 compared to the restated $70.2 million in 2016.The change in actuarially determined liabilities from year to year impacts expenses and was the primaryreason for the change.

The Duty Disability Insurance Program had a net position of $192.1 million at December 31, 2017. This was anincrease of $52.7 million from a restated net position of $139.4 million as of December 31, 2016. The programexperienced investment income of $91.8 million in 2017 compared to $46.5 million for the prior year.

At December 31, 2017, approximately 22,217 members were participating in the program. Additionalinformation for the Duty Disability Insurance Program can be found in Note 8.

Health Insurance Program

The Health Insurance Program is a comprehensive benefit plan providing coverage for active employees ofstate and participating local governments. The state and local health plans each include separately managedrisk pools for medical, pharmacy and dental benefits.

During 2017, ETF collected $1,332.8 million in contributions from participating employers, an increase of $6.2million from 2016, and incurred expenses of $1,287.4 million, a decrease of $3.1 million from 2016.


The Health Insurance Program had a net position of $225.5 million at December 31, 2017. This was an increaseof $75.5 million from a restated $150.0 million net position in 2016. The program experienced an investmentgain of $29.0 million during 2017 compared to an investment gain of $17.8 million in 2016.

At December 31, 2017, approximately 80,720 active members from both state and local governments wereparticipating in the Health Insurance Program a decrease of 0.9% from 81,492 active members in 2016.Additional information for the Health Insurance Program can be found in Note 8.

Income Continuation Insurance (ICI) Program

The ICI Program pays disability benefits for employees of the State of Wisconsin and participating localgovernments in Wisconsin who enroll in the program. Employee premiums are based on sick leaveaccumulation and the waiting period selected.

During 2017, the ICI Program collected $24.3 million in contributions from State agencies, an increase from$20.4 million collected during 2016. These increased contributions were the result of a 20% premium increasefor the State ICI program. The Local employers continued to have a premium holiday. The program incurredexpenses of $20.6 million during 2017. This is a decrease of $8.8 million from the $29.4 million in benefits andexpenses in 2016.

The ICI Program had a net position of $20.5 million at December 31, 2017. This was an increase of $17.7 millionfrom a $2.8 million net position in 2016. This increase in net position was primarily due to the increasedcontribution rates as well as increased investment returns. The program experienced an investment gain of$13.9 million during 2017 compared to an investment gain of $6.7 million in 2016.

At December 31, 2017, approximately 59,726 total members were participating in ICI. This includes 8,431 Localemployees and 51,295 State employees. Local employees had a decrease of 3.2% and State employees had a3.2% increase in members participating. More information about the ICI Program can be found in Note 8.

Life Insurance Program

The Life Insurance Program provides life insurance coverage for current active employees of the State ofWisconsin and participating local governments in Wisconsin.

During 2017, the Life Insurance Program collected $0.95 million in administrative reimbursement income andpaid administrative expenses of $0.94 million. In 2016, $0.90 million and in administrative reimbursementincome was collected and $0.90 million in administrative expenses was paid.

The Life Insurance Program had a net position of $0.30 million at December 31, 2017. This was an increase of$0.03 million from a $0.27 million net position in 2016. More information about the Life Insurance Program canbe found in Note 8.

State Retiree Health Insurance Program

Through the State Retiree Health Insurance Program, participants may choose between self-insured healthplans and alternate health plans with specific provider networks (i.e., HMOs). As of January 1, 2018, the self-insured medical plan options were discontinued. Required premiums are collected from retired employees ofthe State of Wisconsin.


FINANCIAL SECTION

Total assets and liabilities as of December 31, 2017, were $39.9 million, an increase of $2.0 million as comparedto the restated prior year amounts. More information about the State Retiree Health Insurance Program can befound in Note 9.

Local Retiree Health Insurance Program

Through the Local Retiree Health Insurance Program, participants may choose between self-insured healthplans and alternate health plans with specific provider networks (i.e., HMOs). As of January 1, 2018, the self-insured medical plan options were discontinued. Required premiums are collected from retired employees ofparticipating local government employers in Wisconsin.

Total assets and liabilities as of December 31, 2017, were $3.7 million, a decrease of $0.9 million as comparedto the restated prior year amounts. More information about the Local Retiree Health Insurance Program can befound in Note 9.

» Capital Asset Activity

As of December 31, 2017, the total value of capital assets was $37.7 million less accumulated depreciation of$3.8 million, for a net capital asset value of $33.9 million. This compares to the prior year at which time thetotal value of capital assets was $29.0 million less accumulated depreciation of $3.2 million, for a net capitalasset value of $25.8 million. The $8.1 million increase from 2016 to 2017 was due to the continuingcapitalization of a new benefits administration system, myETF, an internally generated software program thatis intended to improve how ETF provides services and benefits to employers and employees. In March 2018,ETF’s vendor for developing myETF stopped providing services which significantly affected the developmentof myETF. As of December 31, 2017, the carrying value of the impacted portion of the new system is $21.9million. For additional information on Capital Assets, please refer to Note 1 and Note 11.

» Financial Contact

This financial report is designed to provide a general overview of ETF’s finances and to demonstrate itsaccountability with the assets it holds in trust. Questions concerning any of the information provided in thisreport should be addressed to ETF at P.O. Box 7931, Madison, Wisconsin, 53707-7931.



FINANCIAL SECTION

Wisconsin Department of Employee Trust FundsStatement of Fiduciary Net PositionDecember 31, 2017 (In Thousands)

Wisconsin RetirementSystem

Accumulated Sick LeaveConversion Credits

Employee ReimbursementAccounts/Commuter Benefits

Assets:

Equity In Pooled Cash & Cash Equivalents $ 3,515,835 $ 0 $ 6,605Securities Lending Collateral 1,576,662 0 0Prepaid Expenses 27,425 13,561 1,100Receivables:

Contributions Receivable 180,200 4,601 6Prior Service Contributions Receivable 17,199 0 0Benefit Overpayments Receivable 2,664 0 20Due From Other Benefit Programs 4,736 4,879 75Due From Other Funds 634 0 0Miscellaneous Receivables 719 0 0Securities Lending Income Receivable 2,587 0 0Interest and Dividends Receivable 314,112 0 0Investment Sales Receivable 1,279,158 0 0

Total Receivables 1,802,009 9,480 101Investments at Fair Value:

Equities 63,241,061 0 0Fixed Income Investments 30,709,368 0 0Limited Partnerships 12,212,410 0 0Multi Asset Investments 4,701,121 0 0Real Estate 1,368,583 0 0Preferred Securities 241,674 0 0Convertible Securities 195 0 0Foreign Currency Contracts (1,131) 0 0Options Contracts (3,830) 0 0Financial Futures Contracts 47,079 0 0Swaps 4,171 0 0To Be Announced Securities 95,489 0 0Investment In Core Fund 0 2,595,778 0Investment In Variable Fund 0 0 0Investment Contract 0 0 0

Total Investments 112,616,190 2,595,778 0Capital Assets - Net of Accum. Depreciation 33,895 0 0

Total Assets 119,572,016 2,618,819 7,806

Liabilities:Core Investment Due To Other Benefit Programs 3,785,696 0 0Variable Investment Due To Other Benefit Programs 20,332 0 0Obligation Under Reverse Repurchase Agreements 6,114,256 0 0Short Sell Obligations 2,722,194 0 0Securities Lending Collateral Liability 1,576,662 0 0Collateral Due to Counterparty 2,860 0 0Benefits Payable 360,617 0 5,580Estimated Future Benefits 0 2,558,709 0Unearned Revenue 41 0 2Due To Other Benefit Programs 5,817 238 0Interfund Payables 0 0 0Miscellaneous Payables 119,889 65 921Investment Payables 467,190 0 0

Total Liabilities 15,175,554 2,559,012 6,503

Net Position - Restricted for Pensions, Other Post-employment Benefits, and Other Purposes $ 104,396,462 $ 59,807 $ 1,303

The accompanying notes are an integral part of the financial statements. Continued on next page

Wisconsin Department of Employee Trust FundsStatement of Fiduciary Net PositionDecember 31, 2017 (In Thousands)

State Retiree LifeInsurance

Local Retiree LifeInsurance

MilwaukeeRetirement Systems

Assets:Equity In Pooled Cash & Cash Equivalents $ 0 $ 0 $ 0Securities Lending Collateral 0 0 0Prepaid Expenses 0 0 0Receivables:

Contributions Receivable 0 0 0Prior Service Contributions Receivable 0 0 0Benefit Overpayments Receivable 0 0 0Due From Other Benefit Programs 0 0 0Due From Other Funds 0 0 0Miscellaneous Receivables 45 60 0Securities Lending Income Receivable 0 0 0Interest and Dividends Receivable 0 0 0Investment Sales Receivable 0 0 0

Total Receivables 45 60 0Investments at Fair Value:

Equities 0 0 0Fixed Income Investments 0 0 0Limited Partnerships 0 0 0Multi Asset Investments 0 0 0Real Estate 0 0 0Preferred Securities 0 0 0Convertible Securities 0 0 0Foreign Currency Contracts 0 0 0Options Contracts 0 0 0Financial Futures Contracts 0 0 0Swaps 0 0 0To Be Announced Securities 0 0 0Investment In Core Fund 0 0 173,034Investment In Variable Fund 0 0 20,332Investment Contract 351,972 244,231 0

Total Investments 351,972 244,231 193,366Capital Assets - Net of Accum. Depreciation 0 0 0

Total Assets 352,017 244,291 193,366

Liabilities:Core Investment Due To Other Benefit Programs 0 0 0Variable Investment Due To Other Benefit Programs 0 0 0Obligation Under Reverse Repurchase Agreements 0 0 0Short Sell Obligations 0 0 0Securities Lending Collateral Liability 0 0 0Collateral Due to Counterparty 0 0 0Benefits Payable 0 0 0Estimated Future Benefits 0 0 0Unearned Revenue 0 0 0Due To Other Benefit Programs 22 29 0Interfund Payables 23 31 0Miscellaneous Payables 0 0 0Investment Payables 0 0 0

Total Liabilities 45 60 0

Net Position - Restricted for Pensions, Other Post-employment Benefits, and Other Purposes $ 351,972 $ 244,231 $ 193,366

Continued from previous page The accompanying notes are an integral part of the financial statements.


Wisconsin Department of Employee Trust FundsStatement of Changes in Fiduciary Net PositionFor the Year Ended December 31, 2017 (In Thousands)

WisconsinRetirement System

Accumulated SickLeave Conversion

Credits

EmployeeReimbursement

Accounts/ CommuterAdditions:

Contributions:Employer Contributions $ 1,017,559 $ 57,917 $ 651Employee Contributions 965,453 0 36,799

Total Contributions 1,983,012 57,917 37,450

Deposits 0 0 0

Investment Income:Net Increase (Decrease) in

Fair Value of Investments 13,831,016 0 0

Interest 569,459 0 0Dividends 1,243,516 0 0Securities Lending Income 37,868 0 0Other 213,128 366,401 71

Less:Investment Income Distributed

to Other Benefit Programs (530,657) 0 0

Investment Expense (487,384) 0 0Securities Lending Rebates and Fees (8,220) 0 0

Net Investment Income 14,868,726 366,401 71

Interest on Prior Service Receivable 1,130 0 0Service Reimbursement Income 0 0 0Miscellaneous Income 5,558 0 8

Total Additions 16,858,426 424,318 37,529

Deductions:Benefits and Refunds:Retirement, Disability, and Beneficiary 5,211,267 0 0Separation Benefits 38,358 0 0Other Benefit Expense 0 261,680 36,240Distributions 0 0 0Carrier Administrative Expenses 2,170 0 667Administrative Expenses 23,963 760 393

Total Deductions 5,275,758 262,440 37,300

Net Increase (Decrease) 11,582,668 161,878 229

Net Position - Beginning of Year 92,813,794 (102,071) 1,074

Net Position - End of Year $ 104,396,462 $ 59,807 $ 1,303

The accompanying notes are an integral part of the financial statements. Continued on next page


FINANCIAL SECTION

Wisconsin Department of Employee Trust FundsStatement of Changes in Fiduciary Net PositionFor the Year Ended December 31, 2017 (In Thousands)

State Retiree LifeInsurance

Local Retiree LifeInsurance

MilwaukeeRetirement Systems

Additions:

Contributions:Employer Contributions $ 1,376 $ 2,063 $ 0Employee Contributions 0 0 0

Total Contributions 1,376 2,063 0

Deposits 0 0 3,000

Investment Income:Net Increase (Decrease) in

Fair Value of Investments 0 0 0

Interest 0 0 0Dividends 0 0 0Securities Lending Income 0 0 0Other 11,462 7,573 28,647

Less:Investment Income Distributed

to Other Benefit Programs 0 0 0

Investment Expense 0 0 0Securities Lending Rebates and Fees 0 0 0

Net Investment Income 11,462 7,573 28,647

Interest on Prior Service Receivable 0 0 0Service Reimbursement Income 68 91 0Miscellaneous Income 0 0 0

Total Additions 12,906 9,727 31,647

Deductions:Benefits and Refunds:Retirement, Disability, and Beneficiary 0 0 0Separation Benefits 0 0 0Other Benefit Expense 17,670 7,324 0Distributions 0 0 21,000Carrier Administrative Expenses 631 1,193 0Administrative Expenses 68 91 0

Total Deductions 18,369 8,608 21,000

Net Increase (Decrease) (5,463) 1,119 10,647

Net Position - Beginning of Year 357,435 243,112 182,719

Net Position - End of Year $ 351,972 $ 244,231 $ 193,366

Continued from previous page The accompanying notes are an integral part of the financial statements.


Wisconsin Department of Employee Trust FundsStatement of Net Position - Proprietary FundsDecember 31, 2017 (In Thousands)

DutyDisability

HealthInsurance

IncomeContinuation

InsuranceLife

InsuranceAssets

Current Assets:Cash and Cash Equivalents $ 0 $ 0 $ 0 $ 2,320Investment In Core Fund 658,630 250,648 107,606 0Prepaid Expenses 0 24 104 0Rebates Receivable 0 23,181 0 0Contributions Receivable 762 0 1,171 0Due From Other Benefit Programs 733 12,079 1,143 4Interfund Receivables 0 0 0 54Benefit Overpayments Receivable 241 0 3,533 0Miscellaneous Receivables 0 21 0 551

Total Current Assets 660,366 285,953 113,557 2,929

Total Assets 660,366 285,953 113,557 2,929

Liabilities

Current Liabilities:Benefits Payable 2,972 0 136 0Premiums Payable 0 2,795 0 1,499Unearned Revenue 0 15,900 0 0Current Portion of Estimated Future Benefits 35,506 7,163 20,800 0Due to Other Agency 0 0 0 843Due To Other Benefit Programs 388 23,572 100 283Miscellaneous Payables 9,286 10,986 4,983 0

Total Current Liabilities 48,152 60,416 26,019 2,625

Noncurrent Liabilities:Noncurrent Portion of Estimated Future Benefits 420,070 0 67,003 0

Total Noncurrent Liabilities 420,070 0 67,003 0

Total Liabilities 468,222 60,416 93,022 2,625

Net Position Restricted (Unrestricted) ForBenefits $ 192,144 $ 225,537 $ 20,535 $ 304

The accompanying notes are an integral part of the financial statements.


FINANCIAL SECTION

Wisconsin Department of Employee Trust FundsStatement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary FundsFor the Year Ended December 31, 2017 (In Thousands)

DutyDisability

HealthInsurance

IncomeContinuation

InsuranceLife

InsuranceOperating Revenues:

Contributions $ 8,659 $ 1,332,775 $ 24,321 $ 0Miscellaneous Income 6 0 119 0Administrative Reimbursement Income 0 0 0 955

Total Operating Revenues 8,665 1,332,775 24,440 955

Operating Expenses:Benefit Expense 43,212 1,264,639 18,767 0Carrier Administrative Expenses 0 14,055 1,231 0Administrative Expenses 4,511 8,686 577 944Other Expenses 0 0 0 12

Total Operating Expenses 47,723 1,287,380 20,575 956

Operating Income (Loss) (39,058) 45,395 3,865 (1)

Nonoperating Revenues:Investment Income 91,825 28,952 13,871 37Penalties and Fee 0 1,196 0 0

Total Nonoperating Revenues 91,825 30,148 13,871 37

Net Income (Loss) 52,767 75,543 17,736 36

Change in Net Position 52,767 75,543 17,736 36

Total Net Position - Beginning of Year 139,377 149,994 2,799 268

Total Net Position - End of Year $ 192,144 $ 225,537 $ 20,535 $ 304



Wisconsin Department of Employee Trust FundsStatement of Cash Flows - Proprietary FundsFor the Year Ended December 31, 2017 (In Thousands)

Duty DisabilityInsurance

HealthInsurance

IncomeContinuation

Insurance Life Insurance

Cash Flows from Operating Activities

Cash Received for Rebates $ 0 $ 33,693 $ 0 $ 0Cash Received (Paid) for Insurance Premiums 7,895 1,354,959 33,481 (1,032)Cash Received (Paid) for Employee Benefits (34,897) (1,302,675) (19,945) 0Cash Paid for Administrative Services (1,732) (26,931) (2,082) (1,213)Service Reimbursement Income 0 0 0 1,064Miscellaneous Income (Expense) 6 0 119 (12)

Net Cash Provided (Used) by Operating Activities (28,728) 59,046 11,573 (1,193)

Cash Flows from Noncapital Financing Activities

Due to Other Agency 0 0 0 21Interfund Cash Received (Provided) 0 0 0 (27)Penalties and Fees 0 1,196 0 0

Net Cash Provided (Used) by Noncapital FinancingActivities 0 1,196 0 (6)

Cash Flows from Investing Activities

Investment Income 91,825 28,952 13,871 37Decrease (Increase) in Investment in Core Fund (63,097) (89,194) (25,444) 0

Net Cash Provided (Used) by Investing Activities 28,728 (60,242) (11,573) 37

Net Increase (Decrease) in Cash and Cash Equivalents 0 0 0 (1,162)

Equity in Pooled Cash and Cash Equivalents at Beginning ofYear 0 0 0 3,482

Equity in Pooled Cash and Cash Equivalents at End of Year 0 0 0 2,320

Reconciliation of Operating Income (Loss) to Net CashProvided (Used) by Operating Activities

Operating Income (Loss) (39,058) 45,395 3,865 (1)

Adjustments to Reconcile Operating Income (Loss) to Net Cash

Provided (Used) by Operating ActivitiesChanges in Assets and Liabilities:

Decrease (Increase) in Rebates Receivable 0 (3,644) 0 0Decrease (Increase) in Contributions Receivable (382) 0 (135) 468Decrease (Increase) in Miscellaneous Receivables 0 614 0 171

Decrease (Increase) in Benefit OverpaymentsReceivable (30) 0 (258) 0

Decrease (Increase) in Prepaid Expenses 0 295 (104) 0

Decrease (Increase) in Due From Other BenefitPrograms (463) 9,065 9,295 7

Increase (Decrease) in Estimated Future Benefits 8,187 (1,270) (775) 0Increase (Decrease) in Premiums Payable 0 2,795 0 (1,511)Increase (Decrease) in Unearned Revenue 0 (57) 0 (62)Increase (Decrease) in Benefits Payable 158 0 111 0Increase (Decrease) in Miscellaneous Payables 3,227 680 (91) 0Increase (Decrease) in Due to Other Benefit Programs (367) 5,173 (335) (265)

Total Adjustments 10,330 13,651 7,708 (1,192)Net Cash Provided (Used) by Operating Activities $ (28,728) $ 59,046 $ 11,573 $ (1,193)



FINANCIAL SECTION

Wisconsin Department of Employee Trust FundsStatement of Fiduciary Net Position - Agency FundsDecember 31, 2017 (In Thousands)

State Retiree HealthInsurance

Local Retiree HealthInsurance

Assets:

Receivables: Federal Subsidy Receivable 7,427 1,081 Benefit Overpayment Receivable 192 0 Due From Other Benefit Programs 18,356 1,421 Miscellaneous Receivables 7 0 Rebates Receivable 13,933 1,168

Total Receivables 39,915 3,670

Total Assets 39,915 3,670

Liabilities:Unearned Revenue 18,355 1,372

Due To Other Benefit Programs 11,327 1,597Miscellaneous Payables 5,294 418Benefit & Loss Liabilities - Current 4,940 283

Total Liabilities 39,915 3,670

Net Position Held for Other Post Employment Benefits $ 0 $ 0



Wisconsin Department of Employee Trust FundsStatement of Changes in Assets and Liabilities - Agency FundsDecember 31, 2017 (In Thousands)

Balance BalanceJanuary 1, 2017 Additions Deductions December 31, 2017

State Retiree Health Insurance

AssetsCash and Cash Equivalents $ 0 $ 316,197 $ 316,197 $ 0Prepaid Health Insurance 9 0 9 0Receivables: Federal Subsidy Receivable 14,518 20,339 27,430 7,427 Benefit Overpayment Receivable 40 152 0 192 Due From Other Benefit Programs 9,315 9,041 0 18,356 Miscellaneous Receivable 225 7 225 7 Rebates Receivable 13,756 27,623 27,446 13,933Total Receivables 37,854 57,162 55,101 39,915Total Assets 37,863 373,359 371,307 39,915Liabilities

Unearned Revenue 5,169 18,355 5,169 18,355Due To Other Benefit Programs 22,463 14,814 25,950 11,327Miscellaneous Payables 4,712 8,530 7,949 5,293Benefit & Loss Liabilities - Current 5,519 149,781 150,360 4,940

Total Liabilities $ 37,863 $ 191,480 $ 189,428 $ 39,915Local Retiree Health Insurance

AssetsCash and Cash Equivalents $ 0 $ 24,907 $ 24,907 $ 0Receivables: Federal Subsidy Receivable 1,034 1,835 1,789 1,080 Due From Other Benefit Programs 2,270 745 1,594 1,421 Miscellaneous Receivables 31 0 31 0 Rebates Receivable 1,212 2,239 2,282 1,169Total Receivables 4,547 4,819 5,696 3,670Total Assets 4,547 29,726 30,603 3,670LiabilitiesUnearned Revenue 1,379 1,372 1,379 1,372Due To Other Benefit Programs 2,462 208 1,073 1,597Miscellaneous Payables 419 408 408 419Benefit & Loss Liabilities - Current 287 10,770 10,775 282Total Liabilities $ 4,547 $ 12,758 $ 13,635 $ 3,670



FINANCIAL SECTION

NOTES TO FINANCIAL STATEMENTS


1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

» Presentation Basis

The financial statements of the Wisconsin Department of Employee Trust Funds (ETF) have been prepared inconformity with Generally Accepted Accounting Principles (GAAP) for government units as prescribed by theGovernmental Accounting Standards Boards (GASB). ETF is not a general-purpose government and does notpresent government-wide statements. These statements are not intended to present the financial activity ofthe State of Wisconsin as a whole. The funds administered by ETF are included in the State of Wisconsinfinancial reporting entity and are presented in the State's Comprehensive Annual Financial Report.

The assets and operations of ETF are accounted for in the following funds:

Fiduciary Funds

Pension and Other Employee Benefit Trust Funds

Wisconsin Retirement System (WRS): This fund is used to account for the collection of employee andemployer contributions; investment of assets; and payment of retirement, disability, and death benefits toformer employees, and their beneficiaries, of the State of Wisconsin and participating local governments inWisconsin.

Accumulated Sick Leave Conversion Credits (ASLCC): This fund is used to account for the collection ofemployer contributions, investment of assets, and purchase of post-retirement health insurance for retiredemployees of the State of Wisconsin and their beneficiaries. This benefit allows employees, at the time of theirretirement, to convert the value of their unused sick leave accumulation into an account to be used to pay forpost-retirement health insurance. The value of their account may also be increased by an employer match ofpart or all of their unused sick leave accumulation.

Employee Reimbursement Accounts/Commuter Benefits: This fund is used to account for the collection ofvoluntary payroll deferrals, investment of assets, and reimbursement of qualifying medical, dependent care,and transportation expenses for employees of the State of Wisconsin, in compliance with Internal RevenueCode Section 125 and Section 132.

State Retiree Life Insurance: This fund is used to account for the accumulation of assets and the payment oflife insurance benefits for retired employees of the State of Wisconsin.

Local Retiree Life Insurance: This fund is used to account for the accumulation of assets and the payment oflife insurance benefits for retired employees of participating local governments in Wisconsin.

Investment Trust Fund

Milwaukee Retirement Systems: These funds are used to account for the receipt, investment, anddisbursement of funds from other public pension funds in Wisconsin.

Agency Funds

State Retiree Health Insurance: This fund is used to account for the collection of retiree contributions, theinvestment of assets, the purchase of health insurance coverage, and the payment of health insurance claimsfor retired employees of the State of Wisconsin.

Local Retiree Health Insurance: This fund is used to account for the collection of retiree contributions, theinvestment of assets, the purchase of health insurance coverage, and the payment of health insurance claimsfor retired employees of participating local governments in Wisconsin.

Proprietary Funds

Enterprise Funds

Duty Disability Insurance: This fund is used to account for the collection of employer contributions,investment of assets, and payment of special disability benefits to protective occupation participants in theWRS.

Health Insurance: This fund is used to account for the collection of employee and employer contributions, theinvestment of assets, the purchase of health insurance coverage, and the payment of health insurance claimsfor current employees of both the State of Wisconsin and participating local governments in Wisconsin.

Income Continuation Insurance: This fund is used to account for the collection of employee and employercontributions, the investment of assets, and the payment of disability benefits for employees of both the Stateof Wisconsin and participating local governments in Wisconsin.

Life Insurance: This fund is used to account for the collection of employee and employer contributions andthe purchase of life insurance coverage for current employees of both the State of Wisconsin and participatinglocal governments in Wisconsin.

Proprietary funds distinguish operating revenues and expenses from non-operating items. Operatingrevenues and expenses generally result from providing services in connection with a proprietary fund’sprincipal ongoing operations. The principal ongoing operations for these proprietary funds are: collectingpremiums and using the accumulated premiums and investment income to pay benefits. Revenues andexpenses not directly related to the principal ongoing operations are classified as non-operating.

Department-wide administrative expenses, capital assets, and general fund activities are most closelyassociated with the WRS fund and have been blended with that fund for presentation. All material intrafundtransactions have been eliminated from fund financial statements. Interfund transactions have not beeneliminated.


FINANCIAL SECTION

» Measurement Focus and Basis of Accounting

The financial statements of ETF have been prepared in accordance with GAAP. The WRS, Accumulated SickLeave Conversion Credits, Employee Reimbursement Accounts/Commuter Benefits, Retiree Life InsuranceFunds, and all proprietary funds are accounted for using the flow of economic resources measurement focusand the accrual basis of accounting. Under the accrual basis of accounting, contributions are recognized in theaccounting period in which the underlying earnings on which the contributions are based are paid and theemployer has made a formal commitment to provide the contributions. Benefits and refunds are recognizedwhen due and payable in accordance with the terms of each plan. Security transactions and the related gainsand losses are recorded on a trade date basis. Dividend income is recorded on the ex-dividend date, andinterest income is accrued as earned.

The State Retiree and Local Retiree Health Insurance Funds are accounted for using the accrual basis ofaccounting, but have no measurement focus by virtue of their custodial nature.

» Investments

The assets of the WRS and the Milwaukee Retirement System are valued at fair value and are invested in theCore Retirement Investment Trust (Core Fund) and the Variable Retirement Investment Trust (Variable Fund),which are collectively the Retirement Funds. The assets of the Income Continuation Insurance, Duty DisabilityInsurance, Accumulated Sick Leave Conversion Credit, Health Insurance, State Retiree Health Insurance, andLocal Retiree Health Insurance programs are invested in the Core Fund. Earnings are allocated between theWRS and other benefit programs based on the average balance invested for each program. Earnings allocatedto other benefit programs are classified as “Investment Income Distributed to Other Benefit Programs” on theStatement of Changes in Fiduciary Net Position. The total amount invested by the other benefit programsincluded in the Retirement Funds is presented as “Core Investment Due To Other Benefit Programs” and“Variable Investment Due To Other Benefit Programs” on the Statement of Fiduciary Net Position. Investmentsfor the Retiree Life Insurance Funds are held by the plan administrator and classified as “Investment Contract”on the Statement of Fiduciary Net Position. All other benefit plan assets are invested in the State InvestmentFund (SIF). Investments in the SIF are classified as “Equity in Pooled Cash and Cash Equivalents” on theStatement of Fiduciary Net Position and “Cash and Cash Equivalents” on the Statement of Net Position –Proprietary Funds. The SIF is a pool of cash balances of various state and local government units with theinvestment objectives to provide safety, liquidity, and competitive rates of return.

The State of Wisconsin Investment Board (SWIB) manages the Retirement Funds and SIF with oversight by theSWIB Board of Trustees, as authorized in Wis. Stat. § 25.17. SWIB is not registered with the Securities andExchange Commission as an investment company.

» Funding Value of Assets While investments are valued at fair value for financial statement presentation, a funding value of assets isused in evaluating the funded status of the benefit plans and in determining future contributionrequirements. Funding value does not include deferred market gains and losses that have not yet beendistributed from the Market Recognition Account (MRA) to the program reserves. See Note 7 for furtherexplanation of the MRA. As of December 31, 2017, the funding value of reserves (In Millions) was as follows:


Benefit PlanReserves at

Funding ValueDeferred Market

Gains (Losses)Reserves at Fair Value

Wisconsin Retirement System $ 101,234.3 $ 3,162.2 $ 104,396.5

Income Continuation Insurance (1) 7.3 13.2 20.5

Duty Disability Insurance (1) 173.1 19.0 192.1

Accumulated Sick Leave Conversion Credits (1) (15.2) 75.0 59.8

Health Insurance (1) 226.6 (1.1) 225.5

State Retiree Health Insurance (1) (4.7) 4.7 0.0

Local Retiree Health Insurance (1) (0.1) 0.1 0.0

(1) The Reserves at Funding Value and the Reserves at Fair Value for Income Continuation Insurance, Duty Disability, Accumulated Sick LeaveConversion Credits, Health Insurance, and State and Local Retiree Health Insurance programs have been reduced by the estimated future claimsfor the benefit plan.

» Administrative Expenses

ETF administrative costs are financed by a separate appropriation and are allocated to each benefit planadministered by ETF in accordance with Wis. Stat. § 40.04. The sources of funds for this appropriation areinvestment earnings and third-party reimbursements received from the various programs administered byETF. Total administrative expenses for the year were approximately $43 million. Costs for third-partyadministrators are reported as "Carrier Administrative Expenses" within each program.

SWIB incurs expenses related to investing the trust funds. As authorized by Wis. Stat. § 25.187 (2), these costsare charged directly to the investment income of each trust fund.

» Capital Assets

Capital assets consist of office furniture and equipment and computer software (purchased or externallyacquired and internally generated software). ETF capitalizes furniture and equipment, and purchasedcomputer software with a purchase price in excess of $5,000, and internally-generated software and otherintangible assets in excess of $1 million. Assets are depreciated on a composite basis over an estimated life,ranging from 5 to 20 years, using the straight-line method of depreciation.

As of December 31, 2017, the total value of capital assets was $37.7 million, less accumulated depreciation of$3.8 million for a net capital asset value of $33.9 million. The net capital asset value includes $33.8 million ininternally-generated software, and $61,466 in purchased software.

» Long-Term Liabilities The Accumulated Sick Leave Conversion Credits Fund reports an actuarially-determined liability for futurebenefits. The liability is determined using the Frozen Initial Liability actuarial cost method and actuarialassumptions that include a 7.2% long-term rate of investment return and a 3.2% annual base salary increase.


FINANCIAL SECTION

During 2017, the liability changed as follows (in millions):

Beginning Balance $ 2,469Plus: New Liabilities Recognized 262Less: Benefit Paid (172)Ending Balance $ 2,559

The portion estimated to be due within one year is $176 million.

» Interfund Assets / Liabilities

Interfund assets and liabilities at December 31, 2017, consist of the following (in thousands):

Due To/From Other Benefit Programs

WisconsinRetirement

SystemHealth

Insurance

StateRetireeHealth

Insurance

LocalRetireeHealth

InsuranceLife

Insurance

StateRetiree

LifeInsurance

LocalRetiree

LifeInsurance

DutyDisability

IncomeContinuation

InsuranceSick

LeaveDeferred

Comp. Total

WisconsinRetirementSystem 2,645 894 85 283 22 29 388 100 238 52 4,736

Due

Fro

m O

ther

Ben

efit

Pro

gram

sERA &CommuterBenefits 21 54 75

HealthInsurance 133 10,433 1,513 12,079

State RetireeHealthInsurance 18,356 18,356

Local RetireeHealthInsurance 47 1,374 1,421

LifeInsurance 4 4

DutyDisability 733 733

IncomeContinuationInsurance 1,143 1,143

Sick Leave 4,879 4,879Total 5,817 23,572 11,327 1,598 283 22 29 388 100 238 52 43,426

Due To Other Benefit Programs

The outstanding balances between benefit programs result from the time lag between when actual receiptsand disbursements are made and when those amounts are allocated between benefit programs. All liabilitiesare expected to be paid within one year of the balance sheet date.


Interfund Receivables / Payables

Interfund Receivables and Payables represent short-term loans from one fund to another to cover cashoverdrafts. Interfund receivables/payables at December 31, 2017, consist of the following (in thousands):

LifeInsurance Total

Inte

rfun

d Pa

yabl

es

State Retiree Life Insurance $ 23 $ 23

Local Retiree Life Insurance 31 31Total $ 54 $ 54

Interfund Receivables

» Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimatesthat affect amounts reported herein. Due to the inherent uncertainty involved, actual results could differ fromthose estimates.


FINANCIAL SECTION

2 ACCOUNTING CHANGES

A. ETF adopted Governmental Accounting Standards Board (GASB) Statement No. 74, "Financial Reporting forPostemployment Benefit Plans Other Than Pension Plans" during the year ended December 31, 2017. Thisstatement replaces the requirements of Statement No. 43, "Financial Reporting for Postemployment BenefitPlans Other Than Pension Plans." The statement became effective for fiscal years beginning after June 15, 2016,and required changes in the presentation of the financial statements, notes to the financial statements, andrequired supplementary information. Significant changes include an actuarial calculation of total and netOther Post Employment Benefits (OPEB) liabilities. The changes also include comprehensive footnotedisclosure regarding the liability for OPEB plans and the sensitivity of the net OPEB liability to the discountrate. This is presented in Note 9.

For the State Retiree Life Insurance and Local Retiree Life Insurance programs, life insurance premiumsreceived from State and Local retirees are reported as a reduction to “Other Benefit Expense” on the Statementof Changes in Fiduciary Net Position in accordance with GASB Statement No. 74. Previously, this activity wasreported as “Employee Contributions”. There is no impact on the beginning or ending Net Position as ofDecember 31, 2017 as a result of this change.

In addition, state premium taxes paid for life insurance benefits paid to retirees over the age of 65 are reportedas “Other Benefit Expense” on the Statement of Changes in Fiduciary Net Position. Previously, this activity wasreported as “Carrier Administrative Expense.” In reviewing these programs and GASB Statement No. 74, ETFdetermined it is more appropriate to report this activity as “Other Benefit Expense,” since the activity is directlyrelated to benefit claims.

B. In 2017, ETF concluded the Long-Term Disability Insurance (LTDI) program should be combined andreported with the WRS fund because the disability benefits provided under this program are being provided

through the WRS pension plan. Previously, the LTDI program was reported in a fund separate from the WRSfund, as a risk pool under GASB Statement No. 10, “Accounting and Financial Reporting for Risk Financing andRelated Insurance Issues.” This change resulted in the elimination of the LTDI fund and related note disclosuresfor the fiscal year ended December 31, 2017, as well as a restatement of the beginning net position of the WRS,as shown in the table below.

C. In 2017, ETF concluded the Duty Disability Insurance program should be reported as an enterprise fundbecause it did not fit the definition of an OPEB plan. Previously, the Duty Disability Insurance program wasreported as an OPEB following the requirements of GASB Statement No. 43, “Financial Reporting forPostemployment Benefit Plans Other Than Pension Plans.” As noted earlier, GASB Statement No. 43 wasreplaced with GASB Statement No. 74, "Financial Reporting for Postemployment Benefit Plans Other thanPension Plans." In reviewing this program and GASB Statement No. 74, ETF determined it is more appropriateto report the Duty Disability Insurance program as an enterprise fund following GASB Statement No. 10,“Accounting and Financial Reporting for Risk Financing and Related Insurance Issues.” This change resulted inadjustments to the note disclosures for the Duty Disability Insurance fund. In addition, the beginning netposition of the Duty Disability Insurance fund was restated, as shown in the table below.

Restatement of Net Position (In Thousands)

WisconsinRetirement

SystemDuty Disability

Insurance

Net Position as of December 31, 2016 $ 92,580,102 $ 592,825

Adjustments of assets and liabilities as ofDecember 31, 2016 233,692 (453,448)

Net Position as of December 31, 2016, restated $ 92,813,794 $ 139,377

D. The Employee Reimbursement Accounts/Commuter Benefits program beginning net position was restatedfor a prior year correction. Benefits Payable and Other Benefit Expenses were understated by $682,307,resulting in an overstatement of Net Position as of December 31, 2016.

E. The State Retiree Health Insurance and Local Retiree Health Insurance plans are reported as agency funds.As such, these funds report assets equal to liabilities resulting in a zero net position. Under normal operations,these funds are likely to have a surplus or deficit each year, primarily due to premiums collected being more orless than the claim payments. Previously, to reflect a zero net position for the agency funds, an entry was madeeach year to accrue an Inter-fund Receivable/Payable between the Retiree Health Insurance funds and theHealth Insurance fund as well as a Due From/To Employers. These balances were updated each year as a resultof that year’s operations. Beginning with the financial statements as of and for the year ended December 31,2017, ETF has determined it would be more appropriate to transfer contributions between the HealthInsurance fund and Retiree Health Insurance funds each year, rather than record an inter-fund receivable/payable and a Due From/To Employers. This approach better reflects the administration of the programs.

In 2017, an entry was recorded to eliminate the Inter-fund Receivable/Payable between the Retiree HealthInsurance funds and the Health Insurance fund as well as a Due From/To Employers that had accumulated inthese accounts in prior periods. This resulted in a restatement of the beginning net position for the HealthInsurance fund, as shown in the following table. The net positions of the Retiree Health Insurance funds werenot affected by this change and remain zero.


Restatement of Net Position (In Thousands)

Heath Insurance

Net Position as of December 31, 2016 $ 237,296Adjustments of assets and liabilities as of December 31, 2016, related to StateRetiree Health Insurance (67,334)Adjustments of assets and liabilities as of December 31, 2016, related to LocalRetiree Health Insurance (19,968)

Net Position as of December 31, 2016, restated $ 149,994

F. Effective December 31, 2017, Short Sell Obligations reported on the Statement of Fiduciary Net Positionreflect unadjusted gross positions. In previous reporting periods, the Statement of Fiduciary Net Position wasadjusted to remove the impact of short sales where the same security was held long in another separately-managed Retirement Fund portfolio. Reporting unadjusted gross positions serves to provide moretransparency by disclosing all short sale liabilities, irrespective of whether the Retirement Funds mayotherwise hold offsetting long positions. This change results in an increase in “Equities” and “PreferredSecurities” and an offsetting increase in “Short Sell Obligation” on the Statement of Fiduciary Net Position as ofDecember 31, 2017. Because the asset and liability amounts offset, there is no impact on the RetirementFunds’ reported beginning or ending “Net Position - Restricted for Pensions, Other Postemployment Benefits,and Other Purposes.”


FINANCIAL SECTION

3 DEPOSITS, INVESTMENTSAND SECURITIES LENDING TRANSACTIONS

» Valuation of Securities

The investments of the Retirement Funds are reported in the Statement of Fiduciary Net Position at fair valueas prescribed by GASB and per section 25.17(14) of the Wisconsin Statutes. Unrealized gains and losses arereflected in the Statement of Changes in Fiduciary Net Position as “Net Increase (Decrease) in Fair Value ofInvestments.”

The fair value of the Retirement Funds’ assets is obtained or estimated in accordance with a pricing hierarchyestablished with SWIB’s custodian, Bank of New York Mellon (BNY Mellon). As prescribed by the hierarchy, avariety of independent pricing sources are used to price assets based on type, class, or issue.

When a portfolio includes securities or instruments for which the custodial bank does not receive fair valueinformation from its vendor pricing sources, a variety of third-party pricing methods are used, includingappraisals, pricing models, and other methods deemed acceptable by industry standards.

The “Equity in Pooled Cash and Cash Equivalents” account reported on the Statement of Fiduciary Net Positionconsists of short-term investments which are used to meet the liquidity requirements of the Retirement Funds.Equity in Pooled Cash and Cash Equivalents held by the Retirement Funds can include cash on deposit, foreigncurrencies, cash posted as collateral to counterparties, repurchase agreements, certificates of deposit, U.S.Treasury Bills, short-term investment funds, and other U.S or foreign liquid financial instruments withmaturities that are generally less than three months. Equity in Pooled Cash and Cash Equivalents are reportedat fair value or cost, which approximates fair value.

Privately-held debt, which is included in “Fixed Income Investments” on the Statement of Fiduciary NetPosition, is priced using approaches that value each holding based on the best available information using thefollowing hierarchy of pricing sources:

1. Custodian supplied prices for assets that can be priced in accordance with the pricing hierarchyestablished with SWIB’s custodian

2. Prices provided by a third party with expertise in the bond market

For private market investments where no readily ascertainable market value exists, including limitedpartnerships and real estate pooled funds, fair value is estimated based on the net asset value as reported bythe general partner. The capital account balance as stated in the most recent available quarterly reportingperiod is adjusted for subsequent cash flows to derive fair value. The financial statements of the limitedpartnerships and real estate pooled funds are audited by independent auditors annually.

Certain portfolios make investments in privately-held companies alongside a strategic partner, such as alimited partnership fund manager. These co-investments are valued by SWIB’s strategic partner, using a varietyof methodologies such as reviews of subsequent financing rounds, discounted cash flow analyses, cash flowmultiples analyses, reviews of market comparable sales or metrics, and reviews of third-party appraisals.

Real estate properties wholly owned by SWIB are valued by independent appraisers every three years. In yearswhen appraisals are not performed, properties are informally appraised by the asset advisor. Each year, auditedfinancial statements are prepared for each property.

SWIB employs portfolio strategies which involve investments across multiple asset classes. The “Multi AssetInvestments” account on the Statement of Fiduciary Net Position consists primarily of hedge funds. SWIBvalues hedge funds based on monthly statements or estimated returns received from each of the hedge fund’sadministrators. A third-party administrator’s responsibility is to independently account for the hedge fund’sactivity and calculate the net asset value of the fund. Generally, hedge fund administrators price financialinstruments traded in active markets based on quoted market prices or binding dealer quotations. For certainover-the-counter instruments, fair value is determined based on valuation models used by the administrator.Annually, the financial statements prepared by the administrator are audited by independent auditors.

Derivative financial instruments are marked to fair value daily, with valuation changes recognized in incomeduring the period the instruments are held and when the instrument is sold or expires. The nature and use ofderivative instruments is discussed later in this note.

A limited number of securities are carried at cost. Certain non-public or closely-held investments are not reportedat fair value, but are carried at cost since no independent quotation is available to estimate fair value for thesesecurities.

» Credit Risk

Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations to SWIB.Fixed income credit risk investment guidelines outline the minimum ratings required at the time of purchaseby individual portfolios, or groups of portfolios, based on the portfolios’ investment objectives. In addition,some fixed income portfolios are required to carry a minimum weighted average rating at all times.Information regarding SWIB’s credit risk related to derivatives is discussed later in this note.

The table entitled Credit Quality Distribution displays the lowest credit rating assigned by nationallyrecognized statistical rating organizations on debt securities held by the Retirement Funds as of December 31,2017. Included in this table are fixed income securities, including certain short-term securities, classified as“Equity in Pooled Cash and Cash Equivalents” on the Statement of Fiduciary Net Position. Also included areinterest rate sensitive investments held in the Retirement Funds’ securities lending collateral reinvestment


pools, which are managed by SWIB’s custodian. Additional information regarding the securities lendingprogram is discussed later in this note.

The table also includes SWIB’s investment in commingled fixed income funds, which are not rated. Althoughthe funds themselves are not assigned ratings, external management investment guidelines govern minimumcredit quality standards for the investments within each portfolio. These standards are determined based onthe investment objectives and risk parameters of each fund.

Retirement Funds Credit Quality Distribution As of December 31, 2017 (In Thousands)

Rating Fair Value % of Total

AAA/Aaa $ 259,854 1%

A-1/P-1 949 0

AA/Aa 17,397,466 51

A-2/P-2 328,588 1

A 1,872,727 6

BBB/Baa 2,089,975 6

BB/Ba 925,456 3

B 824,351 2

CCC/Caa or below 310,463 1

Not Rated 790,396 2Commingled FixedIncome Funds 9,039,285 27

Total $ 33,839,510 100%

SWIB held $6.1 billion in reverse repurchase agreements at December 31, 2017. Investment guidelines permitcertain portfolios to enter into reverse repurchase agreements, which are a sale of securities with asimultaneous agreement to repurchase the securities in the future at the same price plus a stated rate ofinterest. The market value of the securities underlying reverse repurchase agreements exceeds the cashreceived, providing the counterparty a margin against a decline in market value of the securities. If thecounterparty defaults on their obligation to sell these securities back to SWIB or provide cash of equal value,SWIB could suffer an economic loss equal to the difference between the market value of the underlyingsecurities plus accrued interest and the agreement obligation, including accrued interest.

SWIB enters into reverse repurchase agreements with various counterparties and such transactions aregoverned by Master Repurchase Agreements (MRA). MRAs are negotiated contracts and contain terms inwhich SWIB seeks to minimize counterparty credit risk. SWIB also controls credit exposures by limiting tradeswith any one counterparty to stipulated amounts. The counterparty credit exposure is managed through thetransfer of margin, in the form of cash or securities, between SWIB and the counterparty. The RetirementFunds’ counterparty credit exposure for reverse repurchase agreements at December 31, 2017 is summarizedin the table entitled Reverse Repurchase Agreements, Counterparty Credit Exposure.


FINANCIAL SECTION

Retirement FundsReverse Repurchase Agreements

Counterparty Credit ExposureAs of December 31, 2017

(In Thousands)Fair Value of Collateral Held by Counterparty $ 6,222,594Less:

Cash due to Counterparty 6,114,256Collateral and Interest due toCounterparty 20,515Total due to Counterparty 6,134,771

Net Counterparty Credit Exposure $ 87,823

The cash proceeds from reverse repurchase agreements are reinvested by the Retirement Funds. Thematurities of the purchases made with the proceeds of reverse repurchase agreements are not necessarilymatched to the maturities of the agreements. The agreed-upon yields earned by the counterparty for thereverse repurchase agreements held were between 1.18% and 1.82% at December 31, 2017. Portfolioguidelines require agreements to mature between one and 90 days.

The cash due to counterparties resulting from reverse repurchase agreements is reported as “Obligation UnderReverse Repurchase Agreements” and the interest due to counterparties is included in “Investment Payables”on the Statement of Fiduciary Net Position. The underlying assets, as well as the reinvested proceeds, arereported in the “Investments at Fair Value” section on the Statement of Fiduciary Net Position.

» Custodial Credit Risk

Deposits - Custodial credit risk related to deposits is the risk that, in the event of the failure of a depositoryfinancial institution, SWIB will not be able to recover deposits that are in possession of an outside party. Cashdeposits totaled $1,900.1 million as of December 31, 2017. Of the total, $1,512.1 million was collateralized bysecurities borrowed. Depository insurance covered another $24.9 million of the total. The remaining deposits,totaling $363.1 million, were uninsured and uncollateralized. These uninsured deposits represented balancesheld in foreign currencies in SWIB’s custodian’s nominee name, cash posted as collateral for derivativestransactions, and cash collateral posted in excess of the market value of securities borrowed by SWIB for shortsales. In addition to cash deposits, the Retirement Funds also held $57.8 million in certificates of deposit, all ofwhich were covered by depository insurance as of December 31, 2017.

Investments - Custodial credit risk for investments is the risk that, in the event of failure of the counterpartyto a transaction, SWIB will not be able to recover the value of investments that are in the possession of anoutside party. The Retirement Funds held two repurchase agreements totaling $14.2 million as of December31, 2017. These repurchase agreements were tri-party agreements held in a short-term cash managementportfolio managed by SWIB’s custodian. The underlying securities for these agreements were held by the tri-party agent, not in SWIB’s name.

SWIB’s custodial credit risk policy addresses the primary risks associated with safekeeping and custody. Itrequires that SWIB’s custodial institution be selected through a competitive bid process and that theinstitution be designated a “Systemically Important Financial Institution” by the U.S. Federal Reserve. Thepolicy also requires that SWIB be reflected as beneficial owner on all securities entrusted to the custodian andthat SWIB have access to safekeeping and custody accounts. The custodian is also required to be insured forerrors and omissions and must provide SWIB with an annual report on internal controls, prepared in


accordance with the Statement on Standards for Attestation Engagements. Furthermore, SWIB managementhas established a system of controls for the oversight of services and related processes of the custodian. SWIB’scurrent custodial bank was selected in accordance with these guidelines and meets all requirementsstipulated in the custodial credit risk policy.

» Concentration of Credit Risk

Concentration of credit risk is the risk of loss attributed to the magnitude of an organization’s investment in asingle issuer. SWIB limits concentrations of credit risk by establishing investment guidelines for individualportfolios or groups of portfolios that generally restrict issuer concentrations in any one company or Rule144A securities to less than 5% of the portfolio’s market value. The Retirement Funds did not hold anyinvestments with a single issuer, exclusive of investments issued or explicitly guaranteed by the U.S.government, representing 5% or more of the Retirement Funds’ value at December 31, 2017.

» Interest Rate Risk

Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment.SWIB uses a number of different methods to manage interest rate risk. Fixed income instruments held by theRetirement Funds include investments with variable rate securities, stepped rate securities, securities with nocoupon, such as discount notes, and coupons that range between 0.0% and 22.75% at December 31, 2017.

Generally, SWIB analyzes long or intermediate term portfolios’ interest rate risk using various durationcalculations. Modified duration, which is stated in years, is the measure of price sensitivity of a fixed incomesecurity to an interest rate change of 100 basis points. The calculation is based on the weighted average of thepresent values for all cash flows. Some investments are analyzed using an option-adjusted durationcalculation which is similar to the modified duration method. Option-adjusted duration incorporates theduration-shortening effect of any embedded call provisions in the securities. Duration statistics are weightedby the dollar value of the position to compute an average duration for each investment type.

Short-term portfolios’ interest rate risk is analyzed using the weighted average maturity to next reset.Weighted average maturity is the maturity of each position in a portfolio weighted by the dollar value of theposition to compute an average maturity for the portfolio as a whole. This measure indicates a portfolio’ssensitivity to interest rate changes: a longer weighted average maturity implies greater volatility in response tointerest rate changes.

SWIB’s investment guidelines related to interest rate risk vary by portfolio. Some fixed income portfolios arerequired to be managed within a range of a targeted duration, while others are required to maintain aweighted average maturity at or below a specified number of days or years.

The table entitled Interest Rate Sensitivity by Investment Type presents the aggregated interest rate exposurefor the Retirement Funds’ assets at December 31, 2017. Weighted average maturity, where reset dates areassumed to be the effective maturity date for the security, is presented for repurchase agreements and short-term pooled investments. Longer-term instruments held by the Retirement Funds are presented usingmodified duration, as this measure more accurately states the interest rate sensitivity of these investments.The duration statistic is calculated utilizing reset dates for some floating rate instruments, such as term loans.Information about the interest rate sensitivity of derivative contracts is discussed later in this note.

SWIB invests in securities with contractual cash flows, such as asset-backed securities and U.S. governmentagencies. These types of structured product investments may be highly sensitive to interest rate changes inthat they can be subject to early payment in a period of declining interest rates. The resulting changes intiming, or possible reduction in expected total cash flows, affect the fair value of these securities.


FINANCIAL SECTION

Retirement FundsInterest Rate Sensitivity by Investment Type*

As of December 31, 2017(In Thousands)

Investment Type Fair Value

WeightedAverage

Duration (years)

WeightedAverage

Maturity (days)Asset Backed Securities $ 71,793 4.1Commercial Paper 397,860 15Corporate Bonds & Private Placements 4,985,241 6.3Foreign Government/Agency Bonds 2,511,458 8.0Municipal Bonds 122,400 10.3Repurchase Agreements 14,157 2U.S Government Agencies 215,869 4.2U.S Treasury Inflation Protected Securities 12,780,811 7.6U.S Treasury Securities 3,700,636 5.0Commingled Funds Domestic Fixed Income 5,699,401 7.9 Emerging Market Fixed Income 1,058,719 6.1 Short Term Cash Management 2,335,165 45

Total $ 33,893,510

*Excludes derivatives

» Foreign Currency Risk

Foreign currency risk is the risk that changes in exchange rates will adversely impact the fair value of aninvestment. It includes the risk that currencies in which a portfolio’s investments are denominated, orcurrencies in which a portfolio has taken on a long/short active position, will decline in value relative to theU.S. dollar.

Foreign currency exchange rates may fluctuate significantly for a number of reasons, including the forces ofsupply and demand in the foreign exchange markets, actual or perceived changes in interest rates,intervention by U.S. or foreign governments or central banks, currency controls, or political developments inthe U.S. or abroad.

SWIB’s policies include foreign currency risk management objectives relating to each individual portfolio.These guidelines address the foreign currency management activities permitted for each portfolio based onthe portfolios mandates, risk tolerances, and objectives. SWIB also employs discretionary currency overlaystrategies at the total fund level when currency market conditions suggest such strategies are warranted.Additional information related to the management of foreign currencies through the use of derivatives isdiscussed later in this note.

The table entitled Currency Exposures by Investment Type present the Retirement Fund investments whichwere exposed to foreign currency risk at December 31, 2017.


Retirement FundsCurrency Exposure by Investment Type

December 31, 2017Stated in U.S. Dollars

(In Thousands)

Currency

Cash &Cash

Equivalents Equities Fixed

Income Limited

Partnerships PreferredSecurities

FinancialFutures

Contracts Options Short Sell

Obligations Total

Argentina Peso $ 0 $ 0 $ 313 $ 0 $ 0 $ 0 $ 0 $ 0 $ 313Australian Dollar 11,115 1,173,681 34,940 0 0 (3) 0 (28,761) 1,190.972Brazilian Real 790 45,510 0 0 16,942 0 0 0 63.242

Canadian Dollar 13,249 1,691,265 32,226 0 0 (52) 0 (44,521) 1,692.167Chilean Peso 27 2,440 0 0 0 0 0 0 2,467Colombian Peso 1 460 0 0 0 0 0 0 461Czech RepublicKoruna 0 273 0 0 0 0 0 0 273

Denmark Krone 817 347,357 12,528 0 0 0 0 (12,781) 347.921Euro MemberCountries 36,908 5,754,549 958,011 851,568 114,104 (2,327) (178) (153,960) 7,558.675

Hong KongDollar 5,957 850,855 0 0 0 0 0 0 856.812

Hungarian Forint 0 531 0 0 0 0 0 0 531Indian Rupee 169 87,279 0 0 0 0 0 0 87,448IndonesianRupiah 617 25,223 95 0 0 0 0 0 25,935

Israeli Shekel 601 37,744 0 0 0 0 0 (727) 37,618Japanese Yen 84,232 4,319,208 477,413 0 0 614 0 (174,098) 4,707,369Korea (South)Won 222 217,292 0 0 0 0 0 0 217,514

MalaysianRinggit 1,007 31,590 8,175 0 0 0 0 0 40,772

Mexican Peso 921 4,065 23,553 0 0 0 0 0 28,539

MoroccanDirham 9 0 0 0 0 0 0 0 9

New ZealandDollar 478 33,731 2,637 0 0 0 0 0 36,846

NorwegianKrone 971 123,914 5,366 0 0 0 0 (5,400) 124,851

Philippine Peso 6 1,193 0 0 0 0 0 0 1,199Poland Zloty 1,442 32,700 17,465 0 0 0 0 0 51,607Russian Ruble 6 0 0 0 0 0 0 0 6Singapore Dollar 2,119 243,946 6,914 0 0 3 0 (14,609) 238,373South African 982 56,334 20,039 0 43 0 0 0 77,398Sweden Krona 5,051 447,213 8,505 6,942 0 0 0 (26,228) 441,483Swiss Franc 2,946 1,382,663 0 0 0 0 0 (12,412) 1,373,197Taiwan NewDollar 0 93,856 0 0 0 0 0 0 93,856

Thailand Baht 167 71,127 0 0 0 0 0 0 71,294

Turkish Lira 253 69,044 0 0 0 0 0 0 69,297

United KingdomPound 29,895 3,122,718 161,998 150,661 0 977 0 (57,357) 3,408,892

Total $ 200,958 $20,267,761 $ 1,770,178 $ 1,009,171 $ 131,089 $ (788) $ (178) $ (530,854) $22,847,337

1) Commingled funds (including limited partnerships and other pooled vehicles) represent investments where the Retirement Funds own only a portion ofthe overall fund. While the overall fund may be denominated in U.S. dollars, the underlying investments may be exposed to foreign currency risk in variouscurrencies. Commingled funds are shown in the denomination used by the fund for financial reporting.

2) Short Sell Obligations are reported as liabilities on the Statement of Fiduciary Net Position. They are included in the above table because they have exposureto foreign currency risk.

3) Investment types holding instruments denominated only in U. S. Dollars are not included in the above table. At calendar year-end, these include:Convertible Securities, Multi Asset Investments, Real Estate, TBAs, Swaps and Obligation Under Reverse Repurchase Agreements.

4) Values may not add due to rounding.


FINANCIAL SECTION

» Fair Value of Investments

Fair value measurements of the investments held by the WRS are categorized by the hierarchy established bygenerally-accepted accounting principles. The hierarchy, which has three levels, is based on the valuationinputs used to measure the fair value of the asset.

Level 1 - Investments reflect unadjusted quoted prices in active markets for identical assets.

Level 2 - Investments reflect prices that are based on inputs that are either directly or indirectly observablefor an asset (including quoted prices for similar assets), which may include inputs in markets that are notconsidered to be active.

Level 3 - Investments reflect prices based upon valuation techniques in which significant inputs or significantvalue drivers are unobservable.

The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3. When theinputs used to measure fair value fall within different levels of the hierarchy, the level within which the fairvalue measurement is categorized is based on the lowest level input that is significant to fair value. Thecategorization of investments within the hierarchy is based upon the pricing transparency of the instrumentand does not represent the investment’s overall risk.

Commingled investments are not categorized under the fair value hierarchy but are disclosed within this noteas investments measured at net asset value (NAV).

The fair value measurements of investments as of December 31, 2017, are found in the table entitledInvestments by Fair Value Level.


Retirement FundsInvestments by Fair Value Level


Fair ValueAsset Type Level 1 Level 2 Level 3 TOTAL

Cash EquivalentsCertificates of Deposit $ 0 $ 4,373 $ 36,987 $ 41,360Commercial Paper 0 0 397,860 397,860U.S. Treasury Securities 104,900 0 0 104,900

Total Cash Equivalents 104,900 4,373 434,847 544,120

Equities

Domestic 36,000,791 0 136,296 36,137,087International 20,262,996 0 1,304 20,264,300

Total Equities 56,263,787 0 137,600 56,401,387

Fixed IncomeAsset Backed Securities 0 54,543 17,250 71,793Corporate Bonds & Private Placements 0 4,621,721 104,772 4,726,493Foreign Government/Agency Bonds 0 2,506,420 5,037 2,511,457Municipal Bonds 0 122,400 0 122,400U.S Government Agencies 0 215,869 0 215,869U.S. Treasury Inflation Protected Securities 0 12,780,811 0 12,780,811U.S. Treasury Securities 115,658 3,480,078 0 3,595,736

Total Fixed Income 115,658 23,781,842 127,059 24,024,559

Real Estate 0 0 1,368,583 1,368,583

Preferred SecuritiesDomestic 0 43,760 53,934 97,694International 131,089 12,890 0 143,979

Total Preferred Securities 131,089 56,650 53,934 241,673

Convertibles 0 0 196 196

DerivativesForeign Exchange Contracts 0 (1,131) 0 (1,131)Futures 47,079 0 0 47,079Options (3,830) 0 0 (3,830)Swaps 0 4,171 0 4,171To Be Announced Securities 0 95,489 95,489

Total Derivatives 43,249 98,529 0 141,778

Equity Short Sales (2,662,107) (60,087) 0 (2,722,194)

Total $ 53,996,576 $ 23,881,307 $ 2,122,219 $ 80,000,102

Securities classified as Level 1 are generally valued at the official closing price (usually the last trade price) orthe last bid price on the security’s primary exchange. Such investments generally include exchange-tradedsecurities such as equities, preferred stock, certain derivatives, and exchange-traded funds. U.S. Treasury Billsand only the most recently-issued US Treasury Notes and Bonds are classified as level 1 because availablepricing for these securities is similarly reliable to exchange-traded securities.

Securities classified as Level 2 are valued using observable inputs by third-party pricing services using either abid evaluation or a matrix-pricing technique. Bid evaluations may include market quotations that are based onyields, maturities, call features, and ratings. Matrix-pricing is used to value securities based on theirrelationship to benchmark market prices for securities with similar interest rates, maturities, and credit ratings.Pricing in this level may also include market approaches that incorporate benchmark interest rates. Debtsecurities comprise the majority of the level 2 investments because they are generally traded using a dealer


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market, with lower trading volumes than level 1 securities. Over-the-counter derivatives, such as swaps, TBAs,and foreign exchange contracts, are also included in level 2 because they are priced using a market approachthat considers benchmark interest rates and foreign exchange rates.

Level 3 investments are generally valued using significant inputs that are unobservable to the marketplace.This may occur if an investment is illiquid or its value is based on estimates. For the WRS, such investmentsprimarily include directly-held real estate, valued using appraisals and, as such, rely on unobservable inputs.Foreign Government/Agency securities in level 3 are valued using proprietary valuation models. Asset BackedSecurities included in level 3 represent private placements that are valued at purchase price because third-party valuations are unavailable. Equities, convertibles, and preferred securities included in the level 3hierarchy are generally privately-held securities valued using valuation models such as price multiplesincorporating public company comparables, discounted cash flows and milestone valuation models. In someinstances of privately-held preferred securities, valuation is determined based on recent financing rounds.Bank loans, which represent the majority of corporate bonds and private placements in the level 3 category,are priced by vendors using proprietary models which may incorporate unobservable inputs. Cash and CashEquivalents included in level 3 represent securities priced at cost. Typically, due to their short-term nature, costapproximates fair value for these investments. Other factors such as infrequent trading, inactive market, oradjusted quoted prices may also result in level 3 measurements.

» Investments Measured at NAV

The fair value of investments in certain fixed income funds, private equity limited partnerships, stock funds,real estate limited partnerships, and hedge funds are based on the investments’ net asset value (NAV) pershare (or its equivalent), provided by the investee. The December 31, 2017 investments valued using NAV areshown in the table entitled Investments Measured at NAV and include commingled/pooled funds, privateequity, and real estate limited partnerships.


Retirement FundsInvestments Measured at NAV


Investments Measured at NAV Fair ValueUnfunded

Commitments Redemption FrequencyRedemption Notice

Period (8)

Cash and Cash Equivalents (1) $ 2,335,166 $ 0 Daily same day

Fixed Income (2) 6,960,023 228,636 Daily, Quarterly, Monthly, NA 2-90 days, NA

Private Equity Limited Partnerships (3) 7,407,515 5,300,600 N/A N/A

Equities (4) 6,839,675 0 Daily, Monthly 2-30 days

Real Estate Limited Partnerships (5) 4,804,895 1,287,600 Quarterly, N/A N/A, 30-90 days

Hedge Funds (6) 4,701,121 91,144 Various Various

Total (7) $ 33,048,395 $ 6,907,980

(1) This category consists of short-term cash funds with the investment objective of safety of principal and liquidity while earning a competitivemoney market rate of return. The short-term cash funds have daily liquidity with same day notice.

(2) Corporate and government bond index funds make up a significant portion of this category (82%) and have the investment objective ofapproximating as closely as practicable the return of a given segment of the markets for publicly-traded investments. The corporate andgovernment index funds have daily liquidity with 2 days' notice. An additional 15% of this category represents long-only fixed income managers,which can invest across the credit quality spectrum, in varying geographies, and can include derivatives, high yield and structured securities.These long-only managers require a redemption notice period between one and two weeks and have daily or monthly liquidity. One of thesefunds also has an investor level gate, limiting daily withdrawals to $2 million per day or 5% of the portfolio's net asset value. The remaining 3% ofthis category includes LLCs which invest in private real estate debt. The majority of these LLC investments distribute earnings over the life of theinvestment and have an average remaining life of less than 5 years. The private real estate debt LLC's that do not distribute earnings over the lifeof the fund permit quarterly redemptions with 90 days’ notice.

(3) Private Equity Limited Partnerships include direct, co-investments with existing SWIB general partners, direct secondary investments and fundof funds. These investments are illiquid and are generally not resold or redeemed. Distributions from each fund will be received as theunderlying investments are liquidated. The table entitled Limited Partnerships - Estimated Remaining Life provides an estimate of the periodover which the underlying assets are expected to be liquidated.

(4) This category includes emerging markets equity index funds (54%) with an investment strategy designed to track the return of the givensegment of the emerging equity markets. These investments can be redeemed daily with 2 days' notice. An additional 46% of this categoryrepresents long-only equity managers with various fundamental, quantitative and other approaches spanning various styles, geographies andmarket cap weights. These long-only manager investments can be redeemed monthly, with between 10 and 30 days' notice.

(5) This category includes funds that invest directly in real estate and real estate related assets. Approximately 68% of these investments aregenerally not resold or redeemed. Distributions from each fund will be received as the underlying investments are liquidated. The table entitledLimited Partnerships - Estimated Remaining Life provides an estimate of the period over which the underlying assets are expected to beliquidated. The remaining 32% of this category consists of open-ended funds that invest directly in real estate and real estate related assets.Such investments can be redeemed quarterly with between 30 and 90 days' notice.

(6) Hedge Fund investments are private investment funds that seek to produce absolute returns using a broad range of strategies. In certaininstances, Hedge Fund investments are structured as limited partnerships, whereby participants receive distributions over the life of the fund.Estimated remaining life of funds structured as limited partnerships is estimated to be between 5-10 years. Additional information relating toHedge Funds can be found later in this note.

(7) WRS had additional unfunded commitments of approximately $10.2 million, relating to assets not valued using NAV.

(8) Redemption terms described for NAV investments reflect contractual agreements and assume withdrawals are made without adverse marketimpact under normal market conditions.

» Private Equity and Real Estate Limited Partnerships

In general, the Private Equity Limited Partnerships participated in the following investment strategies atDecember 31, 2017:

Buyout - This strategy acquires shares of a private company to gain a controlling interest.Mezzanine - Provides mezzanine debt to finance leveraged buyouts, recapitalizations, and corporateacquisitions.Special Situations - This strategy can invest in public and private companies undergoing financial distress, aturnaround in business operations, or which are believed to be undervalued because of a discreteextraordinary event.


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Venture Capital - This strategy invests in companies with potential for significant growth (generally small toearly stage emerging firms).

The Real Estate Limited Partnerships generally consisted of the following investment strategies at December31, 2017:

Core - Core investments are expected to deliver a significant percentage of their return from income andshould demonstrate lower volatility than Opportunistic and Value investments due to lower leverage, higheroccupancy, and asset location.Value - Value investments typically have significant near-term leasing, repositioning, and/or renovation risk.This strategy is expected to have modest initial operating revenues with potential for substantial incomegrowth and will likely encounter greater volatility than Core strategies, but lower volatility than Opportunisticstrategies.Opportunistic - Opportunistic investments usually have significant development, lease-up, financialrestructuring, and/or liquidity risk with little or no initial operating income. This strategy typically uses thehighest leverage, is expected to achieve most of its return from future capital gains, and is likely to encountergreater volatility than Core and Value strategies.Limited partnerships are generally structured to provide distributions to participants of the fund as theholdings of the partnership are liquidated over time. The table entitled Limited Partnerships - EstimatedRemaining Life illustrates the distribution of estimated remaining liquidation periods for the Retirement Funds’private equity and real estate limited partnership holdings as of December 31, 2017.

Retirement FundsLimited Partnerships - Estimated Remaining Life


Estimated Remaining Life*

Limited Partnership Type < 5 Years 5 - 10 Years > 10 Years N/A TotalPrivate Equity $ 2,011,070 $ 3,776,775 $ 1,619,670 $ 0 $ 7,407,515Real Estate 309,418 2,875,402 92,796 1,527,279 4,804,895Total $ 2,320,488 $ 6,652,177 $ 1,712,466 $ 1,527,279 $ 12,212,410

* Estimated remaining life represents subjective estimates, assuming normal market conditions.

N/A investments represent open-ended funds that can be redeemed.

» Hedge Funds

Hedge Fund investments are private investment funds that seek to produce absolute returns using a broad rangeof strategies. The Retirement Funds participated in the following Hedge Fund strategies at December 31, 2017:

Equity Long-Short - This strategy invests both long and short in publicly-traded stocks. These managers varyin their use of short selling and leverage.Event-Driven - The funds in this strategy seek to gain an advantage from pricing inefficiencies that may occurbefore or after a corporate action or related event, such as a merger, spinoff, earnings call, bankruptcy, orrestructuring.Global Macro - The funds in this category invest their holdings in indexes, commodities, interest rateinstruments, and currencies as a result of relative value or directional forecasts from a systematic ordiscretionary approach.


Market Neutral/Arbitrage - This strategy uses a range of fixed income, convertible instruments, and/orstatistical arbitrage strategies that seek to hedge market-related risks to earn consistent returns.Multistrategy - The funds in this category employ a wide range of strategies and instruments in managingassets.

When redeeming Hedge Fund investments, the agreements governing the investment vehicle oftentimesrequire advanced notice and may restrict the timing of withdrawals. The table entitled Hedge FundRedemption Timing depicts redemption terms, irrespective of other contractual restrictions, for SWIB’s HedgeFund investments at December 31, 2017.

Retirement FundsHedge Fund Redemption Timing


RedemptionFrequency

RedemptionNotice Period

(days) Fair ValueWeekly 7 $ 217,776

Monthly 4 - 75 1,656,186

Quarterly 30 - 90 2,024,929

Other (1) 65 - 90, N/A 802,230

Total $ 4,701,121

(1) This category includes funds that are subject to rolling locks, whereby the fund automatically re-locks unless a withdrawal request issubmitted. In addition, this category includes funds that are in the process of being fully redeemed, with final distribution expected in 2018. Thiscategory also includes funds that are structured as limited partnerships, whereby withdrawals are not permitted but the participants receivedistributions over the life of the fund.

Hedge Fund agreements can also include “lock-up” periods, which restrict investors from redeeming theirinvestment during a specified time frame. The lock-up period helps portfolio managers avoid liquidityproblems. Lock-ups can be “hard,” where redemptions are not permitted for a specified time period, or “soft,”where redemptions are permitted provided the investor pays a penalty. In certain instances, a fund may haveboth hard and soft lock-up restrictions in place. In addition, hedge fund managers can also institute a “rolling”lock-up. A fund with a rolling lock-up period requires investors to commit to an initial lock-up period, and, ifthe investor does not submit a redemption notice within a set time prior to expiration of the lock-up, the lock-up is reset.

The table entitled Hedge Fund Lock-ups reflects the lock-up terms for the Hedge Fund investments held atDecember 31, 2017.


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Retirement FundsHedge Fund Lock-ups


Hedge Fund Lock Type

InitialDuration of

Lock(Years)

Year of LockExpiration Fair Value

None N/A N/A $ 2,836,753Rolling Lock 2 - 3 2018 - 2020 765,866Hard Lock 1 - 3 2018 - 2020 546,030Soft Lock 1 - 1.5 2018 485,944Hard & Soft 1 2018 30,165Other (1) N/A N/A 36,363

Total $ 4,701,121

(1) This category includes funds that are in the process of being fully redeemed, with final distribution expected in 2018. This category alsoincludes funds that are structured as limited partnerships, whereby withdrawals are not permitted but the participants receive distributionsover the life of the fund.

Similar to lock-ups, hedge fund agreements also commonly incorporate “gate” restrictions. An investor-levelgate limits redemption on a particular redemption date to a specified percentage of the investor’s accountvalue, while a fund-level gate may limit total investor withdrawals on a particular redemption date to apercentage of aggregated fund-level (or master fund-level) net asset value. In certain instances, funds canhave both investor- and fund-level gates in place. Such funds are reflected in the “Investor Level” category. Thetable entitled Hedge Fund Gates summarizes the Hedge Fund gates in place at December 31, 2017.

Retirement FundsHedge Fund Gates


Hedge Fund Gate Type Gate Range Fair ValueNone N/A $ 2,060,056

Fund Level 8.33% - 25% 1,504,798

Investor Level 25% - 33% 1,099,904

Other (1) N/A 36,363

Total $ 4,701,121

(1) This category includes funds that are in the process of being fully redeemed, with final distribution expectedin 2018. This category also includes funds that are structured as limited partnerships, whereby withdrawals arenot permitted but the participants receive distributions over the life of the fund.


» Derivatives

A derivative instrument, as defined by GASB Statement No. 53, is a financial instrument or other contract thathas all of the following characteristics:

• Settlement factors - It has (1) one or more reference rates and (2) one or more notional amounts orpayment provisions or both. Those terms determine the amount of the settlement or settlements and, insome cases, whether or not a settlement is required.

• Leverage - It requires no initial net investment or an initial net investment that is smaller than would berequired for other types of contracts that would be expected to have a similar response to changes inmarket factors.

• Net settlement - Its terms require or permit net settlement, it can readily be settled net by a meansoutside the contract, or it provides for delivery of an asset that puts the recipient in a position notsubstantially different from net settlement.

Derivatives may be used to implement investment strategies for the Retirement Funds. All derivativeinstruments are subjected to risk analysis and monitoring processes at the portfolio, asset class, and fundlevels. Investment guidelines define allowable derivative activity for each portfolio and are based on theinvestment objectives which have been approved by the Board of Trustees. Where derivatives are permitted,guidelines stipulate allowable instruments and the manner and degree to which they are to be used.

Gains and losses for all derivative instruments are reported in the Statement of Changes in Fiduciary NetPosition as “Net Increase (Decrease) in Fair Value of Investments.” SWIB invests in derivative investmentsdirectly as well as indirectly through commingled or pooled investments. Information relating to investmentsheld in commingled funds has not been separately disclosed in the financial statements or the accompanyingfootnotes, consistent with GASB reporting requirements.

A derivative can take the form of an individually negotiated contract between the Retirement Funds and aspecific counterparty. These types of negotiated positions are known as over-the-counter (OTC) contracts. OTCcontracts can be structured as either “uncleared” or “cleared.”

Uncleared OTC contracts are non-standardized bilateral contracts between counterparties and do not includethe use of a centralized intermediary, such as a clearinghouse. Uncleared OTC transactions are subject toregulatory requirements with respect to data reporting and recordkeeping, trading relationshipdocumentation, business conduct standards, portfolio reconciliation, and margin collection and posting. Forthese transactions, master netting agreements and credit support annexes governing the credit relationshipand collateral exchange between two counterparties are put in place to mitigate counterparty credit risk.

Cleared OTC contracts offer additional protections to trade participants. These types of transactions employthe use of an intermediary between counterparties. The intermediary, known as a clearinghouse, serves tofacilitate trading and mitigate risks. While not completely standardized, these contracts involve a high degreeof standardization. Once cleared, the clearinghouse steps in as the counterparty to all trades. Regulatorybodies govern the tools and procedures for risk mitigation such as margin requirements and daily mark-to-market.

In addition to trading OTC, derivative contracts can also be transacted on established exchanges. These typesof contracts are called “exchange-traded” and are completely standardized. Like cleared OTC contracts, theclearinghouse is an intermediary to the trade, reducing risks and standardizing the exchange of margin. Thetable entitled Derivative Contract Types summarizes the differences between OTC and exchange-tradedcontracts.


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Retirement FundsDerivative Contract Types

Uncleared (OTC) Cleared (OTC) Exchange-traded

Trades negotiated over-the-counter Trades negotiated over-the-counter Trades executed on organizedexchanges

Customized trade terms are agreedupon by counterparties Trades limited to standardized terms Trades limited to standardized terms

Traded bilaterally betweencounterparties

Trades are submitted through aclearinghouse, which iscounterparty

Trades are booked with exchange'sclearinghouse, which is counterparty

Margin (collateral) often exchangedbut subject to negotiation betweencounterparties.

Mandatory margin requirements Mandatory margin requirements

Common example: ForwardContracts

Common example: Credit DefaultSwaps

Common example: FuturesContracts

Collateral postings are commonplace for derivative contracts and vary based on the type of contract traded.SWIB posted $171.8 million in cash and $361.9 million in securities as collateral for derivatives positions as ofDecember 31, 2017. More information regarding collateral requirements is included within the narrative thatfollows.

Uncleared OTC Derivatives

Inherent in the use of uncleared OTC derivatives, the Retirement Funds may be exposed to counterparty creditrisk. Counterparty credit risk is the risk that a derivative counterparty may fail to meet its payment obligationsunder the terms of the derivative contract. SWIB seeks to mitigate this risk through counterparty creditevaluations and approvals, counterparty credit limits, and exposure monitoring procedures. Additionally,policies have been established which seek to implement master netting arrangements (MNA) withcounterparties that permit the closeout and netting of transactions with the same counterparty upon theoccurrence of certain events, such as payment default, rating downgrade, bankruptcy, illegality, or forcemajeure. Agreements may also require daily collateral postings to further mitigate credit risk.

The table entitled OTC Derivatives Subject to Counterparty Credit Risk, summarizes, by credit rating, theRetirement Funds’ exposure to counterparty credit risk relating to uncleared OTC contracts as of December 31,2017. The number of uncleared OTC counterparties with credit exposure at year-end was 12.


Retirement FundsOTC Derivative Investments Subject to Counterparty Credit Risk


Counterparty CreditRating FX Receivables

To Be AnnouncedSecurities1 Warrants 1,2 Total

AA $ 735 $ 0 $ 0 $ 735A 2,002,488 169 0 2,002,657BBB 479,607 0 0 479,607Not Rated 0 0 3,928 3,928

$ 2,486,927

Less Collateral and MNA offsets3 2,482,758Total OTC Counterparty Credit Risk $ 4,169

1Exposure to counterparty credit risk for To Be Announced Securities and Warrants is limited to unrealized gains on openpositions.2 Warrants issued by privately held company that is not rated by statistical credit rating organization.3 Includes net collateral positions and liabilities with counterparties that have master netting arrangements (MNA).

Cleared OTC and Exchange-Traded Derivatives

Counterparty credit risk is mitigated by an intermediary for cleared OTC and exchange-traded derivativecontracts. For these types of derivative investments, a clearinghouse interposes itself as counterparty to alltrades and extends a guarantee that trades will be settled as originally intended. To ensure performance,margin requirements are imposed. The requirements are established with the intent to cover nearly allexpected price changes based on market risk. Margin payments are settled daily based upon the pricemovements of the contracts, thereby significantly reducing counterparty credit risk.

»Foreign Currency Spot and Forward Contracts

Foreign Currency Spot and Forward contracts are uncleared OTC agreements between two counterparties toexchange designated currencies at a specific time in the future. No cash is exchanged when a foreignexchange spot or forward contract is initiated. Depending upon market movements, forward contracts mayrequire collateral postings either to SWIB or to counterparties. Spot contracts are exempt fromcollateralization. For deliverable contracts, amounts due are paid or received on the contracted settle date. Inother instances (most often in emerging markets), contracts are established as non-deliverable forwards(NDFs). Unlike deliverable contracts, NDFs are only settled in U.S. dollars.

Currency exposure management is permitted through the use of currency derivative instruments. Directhedging of currency exposure back to the U.S. dollar is permitted when consistent with the strategy of theportfolio. Cross-currency exposure management to transfer out of an exposed currency and into a benchmarkcurrency is permitted. In some portfolios, currencies of non-benchmark countries may be held through theuse of forward contracts, provided that the notional value of any single non-benchmark currency does notexceed 5% of the market value of the portfolio. SWIB may employ discretionary currency overlay strategies atthe total fund and asset class level when currency market conditions suggest such strategies are warranted.

Losses may arise from future changes in the value of the underlying currency, or if the counterparties do notperform under the terms of the contract. Spot and forward contracts are valued daily with the changes in fairvalue included in “Net Increase (Decrease) in Fair Value of Investments” on the Statement of Changes in


FINANCIAL SECTION

Fiduciary Net Position. The net receivable or payable for spot and forward contracts is reflected as “ForeignCurrency Contracts” on the Statement of Fiduciary Net Position. The table entitled Foreign Currency Spot andForward Contracts presents the fair value of foreign currency spot and forward contract assets and liabilitiesheld by the Retirement Funds as of December 31, 2017.


Retirement FundsForeign Currency Spot and Forward Contracts

December 31, 2017(In Thousands)

Currency Notional (local currency) Fair Value ($US) Unrealized Gain(Loss) ($US)Foreign Currency Contract ReceivablesArgentina Peso 57,873 $ 3,058 $ (171)Australian Dollar 95,072 74,362 475Brazilian Real 78,169 23,483 (201)Canadian Dollar 93,835 74,921 631Chilean Peso 3,184,433 5,178 140China Yuan Renminbi 33,651 5,163 58Colombian Peso 14,407,847 4,798 (14)Czech Republic Koruna 149,293 7,024 188Danish Krone 148,850 24,046 170Euro Member Countries 113,086 136,003 1,194Hong Kong Dollar 67,014 8,578 (5)Hungarian Forint 1,549,573 6,005 55Indian Rupee 2,554,916 39,959 928Indonesian Rupiah 328,435,886 24,171 150Israeli Shekel 27,329 7,879 17Japanese Yen 15,039,320 133,672 421Korea (South) Won 12,183,167 11,400 206Malaysian Ringgit 5,331 1,315 11Mexican Peso 527,348 26,817 (817)New Zealand Dollar 6,674 4,745 34Norway Krone 338,609 41,430 197Peru Sol 21,887 6,751 15Philippine Peso 352,332 7,057 130Poland Zloty 35,762 10,292 225Russian Ruble 2,143,804 37,099 810Singapore Dollar 33,678 25,211 48South African Rand 77,830 6,280 720Sweden Krona 541,974 66,303 955Switzerland Franc 56,782 58,381 661Taiwan New Dollar 89,313 3,025 40Thailand Baht 149,974 4,606 50Turkish Lira 95,538 24,961 629United Kingdom Pound 73,462 99,466 830U.S. Dollar 1,469,392 1,469,392 0

2,482,831 8,780

Foreign Currency Contract ReceivablesAustralian Dollar (92,508) $ (72,357) $ (218)Canadian Dollar (138,424) (110,508) (627)Chile Peso (1,994,357) (3,243) (78)China Yuan Renminbi (21,163) (3,247) (80)Colombian Peso (13,281,104) (4,422) (74)Czech Republic Koruna (91,007) (4,282) (115)Denmark Krone (167,836) (27,105) (149)Euro Members Countries (414,101) (498,130) (3,764)Hong Kong Dollar (321,916) (41,198) 16Hungarian Forint (501,941) (1,945) (73)Indonesia Rupee (92,928,451) (6,854) (15)Israeli Shekel (34,208) (9,862) (116)Japanese Yen (34,374,289) (305,449) (652)Korea (South) Won (2,988,174) (2,796) (63)Malaysia Ringgit (4) (1) 0Mexican New Peso (143,032) (7,273) 107New Zealand Dollar (6,615) (4,704) (88)Norway Krone (213,250) (26,091) (253)Peru Sol (19,179) (5,916) (76)Philippines Peso (492,318) (9,853) (68)Poland Zioty (41,561) (11,961) (455)Russian Ruble (583,499) (10,123) (255)Singapore Dollar (21,753) (16,283) (123)South African Rand (112,507) (9,004) (229)Sweden Krona (310,515) (37,974) (266)Switzerland Franc (72,929) (74,932) (549)Taiwan New Dollar (675,213) (22,867) (314)Thailand Baht (196,709) (6,042) (61)United Kingdom Pound (109,808) (148,630) (1,117)U.S. Dollar (1,000,910) (1,000,910) 0

(2,483,962) (9,755)

Total $ (1,131) $ (975)


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» Futures Contracts

A futures contract is an exchange-traded agreement to buy or sell a financial instrument, index, or commodityat an agreed upon price and time in the future.

The fair value of futures contracts represents the unrealized gain(loss) on the contracts, since trade inception,and is reflected as “Financial Futures Contracts” on the Statement of Fiduciary Net Position. Futures contractsare marked to market daily, based upon the closing market price of the contract at the board of trade orexchange on which they are traded. Gains and losses resulting from investments in futures contracts areincluded in the “Net Increase (Decrease) in Fair Value of Investments” on the Statement of Changes in FiduciaryNet Position.

Futures contracts involve, to varying degrees, risk of loss in excess of the margin deposited with theclearinghouse. Losses may arise from future changes in the value of the underlying instrument.

Futures contracts may be entered into for purposes such as the following:

• To efficiently gain or adjust market exposures for trust fund rebalancing, • To adjust sector, interest rate, or duration exposures, and• To securitize cash or as act a substitute for cash market transactions.

The table entitled Futures Contracts presents the Retirement Funds investments in futures contracts as ofDecember 31, 2017.

Retirement FundsFutures Contracts


Futures Contract Description Position Expiration Notional Amount Fair Value*Commodity Long Jan 18 - Dec 18 $ 2,045,215 $ 67,949

Short Jan 18 - Mar 18 (44,286) 348

Currency Long Mar 18 13,557 149

Short Jan 18 - Mar 18 (96,012) (1,202)

Equity Long Jan 18 - Mar 18 1,374,241 7,745

Short Mar 18 (752,448) (8,883)

Fixed Income Long Mar 18 9,561,229 (19,236)

Short Mar 18 (147,471) 209

Total $ 11,954,025 $ 47,079

* Fair Value includes foreign currency gains(losses).

The table entitled Futures Contracts with Interest Rate Sensitivity presents the interest rate sensitivity of fixedincome futures contracts as of December 31, 2017. Duration, which is stated in years, is the measure of pricesensitivity of a fixed income security to an interest rate change of 100 basis points. Duration statisticspresented in this table are weighted by the notional value of each position to compute an average durationfor the contract types held.


Retirement FundsFutures Contracts with Interest Rate Sensitivity


Contract Type Position Notional Amount Fair Value

Weighted AverageDuration

(Years)

U.S. Treasury Notes Long $ 7,617,848 $ (26,189) 3.7U.S. Treasury Notes Short (144,667) 216 3.9U.S. Treasury Bonds Long 1,783,687 7,974 16.8Foreign Government Bonds Long 159,695 (1,021) 7.7Foreign Government Bonds Short (2,805) (7) 1.7Total $ 9,413,758 $ (19,027)

» Options

An option contract gives the purchaser of the contract the right, but not the obligation, to buy (call) or sell(put) the security or index underlying the contract at an agreed upon price on or before the expiration of theoption contract. The seller of the contract is subject to market risk, while the purchaser is subject to credit riskand market risk, to the extent of the premium paid to enter into the contract.

Trust fund rebalancing policies and certain portfolio investment guidelines permit the use of exchange-tradedand OTC options. Investment guidelines allow options to be used to improve market exposure efficiency,enhance expected returns, or provide market exposure hedges. Exchange rules require that the seller of shortexchange-traded options contracts cover these positions either by collateral deposits in the form of cash or bypledging, in escrow, the actual securities that would be transferred to the option purchaser in the event theoption contract were exercised. In the case of OTC options, investment guidelines mitigate counterparty creditrisk by establishing minimum credit ratings and requiring master netting agreements with provisions forcollateral exchanges.

The fair value of options contracts is based upon the closing market price of the contract and is reflected as“Options Contracts” on the Statement of Fiduciary Net Position. Gains and losses as a result of investments inoptions contracts are included in the “Net Increase (Decrease) in Fair Value of Investments” on the Statement ofChanges in Fiduciary Net Position. The table entitled Options Contracts presents the fair value of optionscontracts as of December 31, 2017.


FINANCIAL SECTION

Retirement FundsOptions Contracts


DescriptionContract

Type Position

Exchange-Traded

(EXCH) vs. OTC Expiration Notional Fair Value

UnrealizedGain (Loss)

Currency CALL Short EXCH Jan 18 $ (262) $ (1) $ (1)

Equity CALL Long EXCH Mar 18 - Apr 18 2,736 107 (179)

CALL Short EXCH Jan 18 - Mar 18 (71,854) (2,576) (1,202)

CALL Short OTC Jan 18 (3,883) (7) 34

PUT Long EXCH Jan 18 - Sep 18 16,844 255 (239)

PUT Short EXCH Jan 18 - Sep 18 (146,628) (1,443) 438

PUT Short OTC Jan 18 (6,391) (171) (44)

Volatility CALL Long EXCH Feb 18 828 83 4

CALL Short EXCH Feb 18 (828) (45) 0

PUT Short EXCH Feb 18 (828) (32) 1

Total $ (210,266) $ (3,830) $ (1,188)

» Swaps

Swaps are negotiated contractual agreements between two counterparties that can be cleared or unclearedOTC investments. As is specified in SWIB’s investment guidelines, swaps may be used as an alternative tophysical securities when it is deemed advantageous for portfolio construction. In addition, swaps may be usedto adjust asset class exposures for the Retirement Funds. Guideline limits and soft risk parameters for eachportfolio are applied to the aggregate exposures which includes both physical and synthetic securities. Asynthetic security is created by combining securities to mirror the properties of another security.

Throughout the calendar year, the Retirement Funds held positions in Total Return Swaps and Credit DefaultSwaps (CDS). The table entitled Open Swap Positions lists the open swap contracts held at December 31, 2017.

Retirement FundsOpen Swap Positions

As of December 31,2017(In Thousands)

Type Description Position Maturity DateNotionalAmount

FairValue


Credit DefaultBondIndex Short Dec-22 $ 175,000 $ 4,171 $ (3)

Total $ 175,000 $ 4,171 $ (3)

The open CDS contracts at December 31, 2017, represent cleared OTC positions where SWIB sold creditprotection. Under the terms of the contracts, SWIB receives periodic payments and, in exchange, agrees topay a formula-determined amount to counterparties for losses incurred if stipulated credit events occur. CDSspreads are sensitive to credit spread and interest rate changes.


The fair value of CDS is reflected as “Swaps” on the Statement of Fiduciary Net Position. Gains and lossesresulting from investments in swap contracts are included in the “Net Increase (Decrease) in Fair Value ofInvestments” on the Statement of Changes in Fiduciary Net Position.

» To Be Announced Securities

In 2017, SWIB began trading to be announced mortgage-backed (TBA) securities. These commitments areuncleared OTC forward contracts consisting of mortgage-backed securities (MBS) issued by GovernmentNational Mortgage Association, a government entity, and by government-sponsored enterprises such as, theFederal National Mortgage Association or the Federal Home Loan Mortgage Corp. The term TBA is derivedfrom the fact that the actual MBS that will be delivered to fulfill a TBA trade is not designated at the time thetrade is made. Instead, the specific pool of mortgages making up the MBS is announced 48 hours prior to theestablished trade settlement date. Eligibility rules and standards for MBS pools deliverable into TBA contractsensure that delivered MBS pools are fungible. Payment for TBA securities is not made until the settlement date.Certain portfolio investment guidelines allow for both long and short TBA positions. To mitigate counterpartycredit risk, guidelines establish minimum credit ratings and require master netting agreements which includeprovisions for collateral exchanges.

TBAs, much like their underlying MBS securities, may be highly sensitive to interest rate changes. This isbecause the MBS pool on which these forward contracts are based can be subject to early payment in a periodof declining interest rates. The price of TBAs can fluctuate as the marketplace predicts changes in timing, orpossible reductions in expected cash flows, associated with a change in interest rates. The table entitled TBAContracts includes the interest rate sensitivity of TBA contracts as of December 31, 2017. Duration, which isstated in years, is the measure of price sensitivity of a fixed income security to an interest rate change of 100basis points. Duration statistics presented in this table are weighted by the fair value of each position tocompute an average duration for the contracts held.

Retirement FundsTBA Contracts

As of December 31, 2017 (In Thousands)

PositionContactMaturity Fair Value


WeightedAverageDuration(Years)

Long Jan 18 $ 239,230 $ 16 4.8Short Jan 18 (143,741) (177) 3.6

Total $ 95,489 $ (161)

The fair value of TBAs is reflected in “To Be Announced Securities” on the Statement of Fiduciary Net Position.The unrealized gain/loss associated with these contracts is included within the “Net Increase (Decrease) in FairValue of Investments” on the Statement of Changes in Fiduciary Net Position.


FINANCIAL SECTION

» Warrants

A warrant is a contract that entitles the holder to buy the underlying stock of the issuing company at aspecified price. Warrants and options are similar in that the two instruments allow the holder special rights tobuy securities. However, warrants differ from options in that they provide additional financing to the issuingcompany when exercised.

As of December 31, 2017, SWIB held warrant contracts giving SWIB the right to purchase 190,780 shares ofpreferred stock at a price of 1 Euro per share. SWIB was issued these warrants in 2017 in conjunction with aninvestment in a privately held company. The $4.2 million fair value of these warrants is based upon third-partyvaluations and is included in “Equities” on the Statement of Fiduciary Net Position. The associated unrealizedgain of $3.9 million is included in the “Net Increase (Decrease) in Fair Value of Investments” on the Statement ofChanges in Fiduciary Net Position.

» Securities Lending Transactions

State statutes and Board policies permit SWIB to use investments of the Retirement Funds to enter intosecurities lending transactions. These transactions involve the lending of securities to broker-dealers andother entities in exchange for collateral, in the form of cash or securities, with the simultaneous agreement toreturn the collateral for identical securities in the future. SWIB’s custodian is an agent in lending theRetirement Funds’ directly-held domestic and international securities. When the Retirement Funds’ securitiesare delivered to a borrower as part of a securities lending agreement, the borrower is required to placecollateral with the lending agent equal to at least 102% of the loaned securities’ fair value, including interestaccrued, as of the delivery date, so long as the securities and the collateral are denominated in the samecurrency. In the event that securities are loaned against collateral denominated in a different currency, theborrower is required to place collateral with the lending agent totaling at least 105% of the loaned securities’fair value, including interest accrued, as of the delivery date. Collateral is marked to market daily and adjustedas needed to maintain the required minimum level. Pledging or selling non-cash collateral securities cannotbe done without a borrower default. On December 31, 2017, the fair value of the securities on loan tocounterparties was approximately $10.8 billion.

Cash collateral is reinvested by the lending agent in two separate pools, a U.S. dollar cash collateral pool and apool denominated in Euros. These pools are administered in accordance with contractual investmentguidelines which are designed to minimize the risk of principal loss and provide a modest rate of return.Investment guidelines limit credit and liquidity risk by restricting new investments to overnight repurchaseagreements collateralized with high quality U.S. government, U.S. government agencies, and sovereign debtsecurities. To further reduce credit risk, SWIB’s custodian provides indemnification to SWIB againstcounterparty default. The earnings generated from the collateral investments, plus or minus the rebatesreceived from or paid to the dealers and less fees paid to agents, results in the net earnings from lendingactivities, which are then split on a percentage basis with the lending agent. Cash from the U.S. dollar poolmay be posted as collateral relating to short sale transactions and earns the Overnight Bank Funding rate plus10 basis points. Additional information relating to short sales is discussed later in this note.

At December 31, 2017, the Retirement Funds had minimal credit risk exposure to borrowers because loans arecollateralized in excess of 100%. In addition to the cash collateral reinvestment indemnification, the contractwith the lending agent requires it to indemnify the Retirement Funds if the borrowers fail to return the loanedsecurities and the collateral is inadequate to replace the securities lent. The Retirement Funds are alsoindemnified against losses resulting from violations of investment guidelines.

The majority of security loans are open-ended and can be terminated on demand by the Retirement Funds orthe borrower. Maturities of investments made with cash collateral are not necessarily matched to thematurities of the securities loaned because most loans do not have a fixed maturity date. The risk that SWIB


would be unable to return collateral to securities borrowers upon termination of the loan is mitigated by thehighly liquid nature of investments held in the collateral reinvestment pools. The average maturities of theloans and the average maturities of the assets held in the collateral reinvestment pools were similar atDecember 31, 2017.

Securities lending is allowed in certain commingled fund investments. As an investor in such funds, SWIB doesnot own the underlying securities and does not separately report on securities lending activity. All earnings ofthese funds are reported in the Statement of Changes in Fiduciary Net Position as “Net Increase (Decrease) inFair Value of Investments.”

» Short Sell Obligations

The Retirement Funds may sell a security it does not own in anticipation of purchasing the security later at alower price. This is known as a short sale transaction. For the duration of the short sale transaction, a liability isrecorded under “Short Sell Obligations” on the Statement of Fiduciary Net Position. The liability presented onthe Statement of Fiduciary Net Position represents the fair value of the shorted securities necessary fordelivery to the purchaser and is marked-to-market daily. Realized and unrealized gains and losses associatedwith short sales are recorded on the Statement of Changes in Fiduciary Net Position, within in the “NetIncrease (Decrease) in Fair Value of Investments” account. Prior to executing a short sale, SWIB will borrow thesecurity from a party currently holding it. While the transaction is open, the Retirement Funds incur expensesfor securities borrowing costs. In addition, as a security borrower, the Retirement Funds may incur dividendand interest expense as such payments must be remitted to the security lender during the course of the loan.During the duration of the borrow, there may be corporate action elections requiring the borrower to deliveritems such as cash or securities to the lender. Expenses resulting from short sales are included in “InvestmentExpense” on the Statement of Changes in Fiduciary Net Position.

Risks arise from short sales due to the possible illiquidity of the securities markets and from potential adversemovements in security values. The cost to acquire the securities sold short may exceed the amount ofproceeds initially received, as well as the amount of the liability recorded as “Short Sell Obligations” in theStatement of Fiduciary Net Position. Short sales expose the short seller to potentially unlimited liabilitybecause there is no upward limit on the price a shorted security could attain. Certain portfolio guidelinespermit short sales and mitigate risks in various ways, such as: limiting the total value of short sales as apercentage of portfolio value, establishing portfolio vs. benchmark tracking error limits, and monitoring otherstatistical and economic risk measures of the portfolio. Investment performance and risk associated with eachportfolio is measured against benchmarks and monitored by management.

When a short sale occurs, the shorting portfolio must borrow the security and deliver it to the buyer. If theshorted security is owned by another Retirement Fund portfolio, investment policies allow the borrowing ofthe shorted securities from other Retirement Fund portfolios, including inter-fund borrowings. In addition toborrowing securities from existing Retirement Fund portfolios, SWIB may borrow securities from externalsources. These borrowings are facilitated by SWIB’s custodian.

Except in the case of borrowings within the same trust fund, the Retirement Funds are required to postcollateral to the lender, at the required rate of 102% for in-currency loans and 105% for cross-currency loans.The Retirement Funds posted $1,556.1 million in cash and $410.9 million in securities as collateral to securitylenders representing $64.6 million in excess of the fair market value of the securities borrowed as of December31, 2017. If the security lender recalled the security and SWIB was not able to supply the lender with thesecurity, the lender would be permitted to use SWIB’s collateral to fund the purchase of the security.


FINANCIAL SECTION

» Investment Policy and Asset Allocation

As part of SWIB’s Fiduciary responsibilities, SWIB is required by section 25.15(2)(b) of the Wisconsin Statutes “Todiversify investments in order to minimize the risk of large losses, unless under the circumstances it is clearlyprudent not to do so, considering each trust’s or fund’s portfolio as a whole at any point in time.” SWIBexercises this duty in part by establishing its investment policy and by setting the asset allocation.

SWIB’s Board of Trustees has established the asset allocation pursuant to a comprehensive and ongoingevaluation of the appropriate risk and return standards for each fund under management. The Board ofTrustees consists of nine members meeting specific requirements as follows:

▪ Six Governor-appointed and State Senate-approved members, including:• Four with at least ten years investment experience• One with at least ten years financial experience and who works for a local government participant in

the Local Government Investment Pool• One additional member

▪ Educator participant in the WRS appointed by the Teachers Retirement Board▪ Non-educator participant in the WRS appointed by the Wisconsin Retirement Board▪ Secretary of the Department of Administration or designee

The Board of Trustees-approved investment policy is intended to assist in development of a diversifiedportfolio of investments within acceptable risk parameters. The policy represents a delegation of standingauthority to the SWIB’s Executive Director and investment managers within the organization to make prudentinvestments within the investment guidelines, pursuant to sections 15.02(4) and 25.15(2) of the WisconsinStatutes and section IB 2.02 of the Wisconsin Administrative Code.

Additionally, the Investment Committee (IC) was created to provide oversight of SWIB investments within theparameters established by the Board of Trustees. Oversight includes analysis of risk and return of the portfolio,asset class, and Core and Variable Funds. The IC is responsible for proposing to the Board of Trustees changesto investment policy, approving investment guidelines or strategies for internally-managed portfolios,approving the general strategies for each asset class, and for approving new investment instruments andderivatives strategies. Effective June 2017, the IC became responsible for approving and maintainingguidelines for internally-managed portfolios pursuant of the Board’s investment policy. Previously, theinternally-managed portfolio guidelines were approved by the Board of Trustees with recommendationscoming from the IC. The change in oversight for internally-managed portfolios provides SWIB staff with theability to more quickly respond to changing investment conditions and is more consistent with the Board’sdelegation of investment authority to internal investment management staff. The Board of Trustees reservesall rights to modify and amend IC guidelines at any time at its discretion.

In 2017, the IC included, and the Board of Trustees approved, within the Investment Guidelines a derivativesuse policy, rebalancing procedures, and a leverage use policy. The derivatives use policy sets forth theobjectives, monitoring, and reporting guidelines relating to derivative investments. The rebalancingprocedures used in both mandatory and discretionary asset class rebalancing are now described more fully inthe Investment Guidelines, and the leverage use policy describes SWIB’s leverage philosophy. The totalamount of financial leverage is approved by the Board of Trustees through the asset allocation process.

The Board of Trustees adopts the Retirement Funds’ asset allocation policy, based on recommendations by theIC, the Board of Trustees’ asset allocation consultant, Chief Investment Officer, and Managing Director of Assetand Risk Allocation. SWIB undertakes a comprehensive review of its strategic asset allocation plan every otheryear, including asset/liability modeling, to determine a suitable target allocation for each asset class includedin the Core and Variable Funds, and an annual review to assess whether any interim adjustments should bemade. The strategic nature of these reviews contemplates a long-term time horizon over which potential


results are evaluated. This exercise is not an attempt to predict short-term market movements, but an effort tounderstand the long-term impacts of poor, normal, and above average market results.

In addition to potential future market impact, SWIB also contemplates the objectives of the funds, the impactof actuarial analysis, and the soundness of investment return and risk expectations. SWIB’s asset allocationpolicies reflect the Board of Trustees’ program of risk allocation that involves reducing equity exposure byleveraging low-volatility assets, such as “fixed income” securities. This investment strategy results in Core Fundstrategic targets which exceed 100% of invested assets. Currently, the Core Fund has adopted an assetallocation target of 10% financial leverage; however, over time, it is anticipated that SWIB may move toward anasset allocation that includes 20% leverage. Before implementing leverage beyond 10%, the Board of Trustees,SWIB’s asset allocation consultant, and staff will engage in additional focused asset allocation discussion andthe Board of Trustees will approve any additional financial leverage.

SWIB’s asset allocation review process also includes assumptions regarding expected rates of return. Long-term (e.g., 30-year) expected real rates of return on pension plan investments are determined using a buildingblock method in which best-estimate ranges of expected future real rates of return (expected returns, net ofpension plan investment expense and inflation) are developed for each major asset class. These ranges arecombined to produce the long-term expected real rate of return by weighting the expected future real rates ofreturn by the target asset allocation percentage and by adding expected inflation. The table entitled AssetAllocation Targets and Expected Returns presents the policy asset allocation targets and the best estimates ofexpected geometric rates of return for each major asset class as of December 31, 2017.

Retirement FundsAsset Allocation Targets and Expected Returns

As of December 31, 2017

Core Fund Asset ClassAsset

Allocation %

Long-TermExpectedNominal Rate ofReturn %

Long-TermExpected RealRate of Return %

Global Equities 50 % 8.2 % 5.3 %

Fixed Income 24.5 4.2 1.4

Inflation Sensitive Assets 15.5 3.8 1.0

Real Estate 8 6.5 3.6

Private Equity/Debt 8 9.4 6.5

Multi-Asset 4 6.5 3.6

Total Core Fund 110 % 7.3 % 4.4 %

Variable Fund Asset ClassU.S. Equities 70 % 7.5 % 4.6 %

International Equities 30 7.8 4.9

Total Variable Fund 100 % 7.9 % 5.0 %

New England Pension Consultants Long Term US CPI (Inflation) Forecast: 2.75%

Asset Allocations are managed within established ranges, target percentages may differ from actual monthlyallocations

For purposes of determining asset allocation targets, investments may be categorized differently than they arewithin the financial statements. For example, SWIB’s management considers inflation-sensitive assetsseparately from other “fixed income” investments for asset allocation purposes.


FINANCIAL SECTION

» Annual Money-Weighted Rate of Return

Money-weighted rate of return expresses investment performance, net of pension plan investment expense,adjusted for the changing amounts actually invested. For the year ended December 31, 2017, the money-weighted rate of return for the Core Fund was 15.85% and 23.27% for the Variable Fund.


4 DESCRIPTION OF THE WISCONSIN RETIREMENT SYSTEM

The WRS is a cost-sharing, multiple-employer public employee retirement system established andadministered by the State of Wisconsin to provide pension benefits for state and local government employees.WRS benefits and other plan provisions are established by Chapter 40 of the Wisconsin Statutes. Benefit termsmay only be modified by legislation. ETF, under the direction of the ETF Board, is responsible for theadministration of the WRS.

» Employee Trust Funds Board

The ETF Board has general oversight of ETF, appoints the ETF Secretary and oversees administration of thebenefit programs, other than group insurance and deferred compensation. The ETF Board is comprised of 13members, including:

• the Governor or the Governor’s designee on the Group Insurance Board;• the Administrator of the Department of Administration’s Division of Personnel Management or the

Administrator’s designee; • 4 members appointed by the Teachers Retirement Board (an advisory board to the ETF Board); • 4 members appointed by the Wisconsin Retirement Board (an advisory board to the ETF Board); • a public member who is not a participant in or beneficiary of the WRS, with at least 5 years of

experience in actuarial analysis, administration of an employee benefit plan or significantadministrative responsibility in a major insurer;

• a WRS annuitant; and• a participant in the WRS who is a technical college or public school district educational support

personnel employee.

» WRS Employers

The WRS is open to all public employers in Wisconsin. Participation is optional, except that participation ismandatory for school districts with respect to teachers, some municipalities with respect to police andfirefighters, and all counties except Milwaukee County. As of December 31, 2017, the number of participatingemployers was:

State Agencies, UW & Public Authorities 57Cities 152Counties 714th Class Cities 36Villages 268Towns 257School Districts 422Cooperative Educational Service Agencies 12Wisconsin Technical College System Districts 16Special Districts 208Total Employers 1,499

» WRS Membership

All eligible employees of a participating employer who are expected to work at least 1,200 hours per year (880hours per year for teachers and school district educational support employees) must be covered by the WRS.As of December 31, 2017, the WRS membership consisted of:

Current Employees:General 133,107Teachers 100,738Elected / Executive / Judges 1,351Protective with Social Security 19,465Protective without Social Security 2,752

Total Current Employees 257,413Inactive Participants:Terminated Participants 167,996Alternate Payees 4,093

Total Inactive Participants 172,089Retirees and Beneficiaries CurrentlyReceiving Benefits:Retirement Annuitants 195,762Disability Annuitants 6,189Death Beneficiary Annuitants 1,349

Total Annuitants 203,300Total Participants 632,802


FINANCIAL SECTION

» WRS Benefits

The WRS provides retirement benefits as well as death and disability benefits. Vesting requirements havechanged over time, as follows:

• Participants in the system prior to January 1, 1990, were fully vested at the time they met participationrequirements;

• For participants entering the system from January 1, 1990, to April 23, 1998, creditable service in each of fiveyears was required for vesting;

• All active participants in the system at any time from April 24, 1998 to June 30, 2011 are fully vested;• 2011 Wisconsin Act 32 generally required participants hired on or after July 1, 2011 to have five years of

creditable service to be vested.

Employees who retire at or after age 65 (54 for protective occupations and 62 for elected officials andexecutive service retirement plan participants, if hired on or before 12/31/2016) are entitled to a retirementbenefit based on a formula factor, their final average earnings, and creditable service. Formula factors areshown in the table below:

Employment CategoryService Before

1/1/2000Service Between2000 and 2011

Service After2011

General and Teachers 1.765% 1.6% 1.6%

Executive and Elected 2.165 2.0* 1.6*

Protective with Social Security 2.165 2.0 2.0

Protective without Social Security 2.665 2.5 2.5

*2011 Wisconsin Act 10 changed the Executive and Elected formula factor from 2.0% to 1.6%. The effective date of the change varies amongdifferent employee categories, and generally applies to the service earned after Act 10 effective date (i.e. June 29, 2011).

Final average earnings is the average of the participant's three highest annual earnings periods. Creditableservice includes current service and prior service for which a participant received earnings and madecontributions as required. Creditable service also includes creditable military service. The retirement benefitwill be calculated as a money purchase benefit based on the employee’s contributions plus matchingemployer's contributions, with interest, if that benefit is higher than the formula benefit.

Vested participants may retire at or after age 55 (50 for protective occupations) and receive an actuarially-reduced benefit. Participants terminating covered employment prior to eligibility for an annuity may eitherreceive employee-required contributions plus interest as a separation benefit or leave contributions ondeposit and defer application until eligible to receive a retirement benefit.

» Post-Retirement Adjustments

The Employee Trust Funds Board may periodically adjust annuity payments from the retirement system basedon annual investment performance in accordance with s. 40.27, Wis. Stat. An increase (or decrease) in annuitypayments may result when investment gains (losses), together with other actuarial experience factors, create asurplus (shortfall) in the reserves, as determined by the system’s consulting actuary. Annuity increases are notbased on cost of living or other similar factors. For Core annuities, decreases may be applied only to previouslygranted increases. By law, Core annuities cannot be reduced to an amount below the original, guaranteedamount (the “floor”) set at retirement.


The Core and Variable Fund annuity adjustments granted during the past 10 years are as follows:

YearCore

Adjustment (%)Variable

Adjustment (%)2008 6.6 0.02009 (2.1) (42.0)2010 (1.3) 22.02011 (1.2) 11.02012 (7.0) (7.0)2013 (9.6) 9.02014 4.7 25.02015 2.9 2.02016 0.5 (5.0)2017 2.0 4.0

The negative Core annuity adjustments from 2009 to 2013 were primarily due to the Fund’s $21.0 billioninvestment decline in 2008, caused by the global economic crisis. Core Fund gains and losses are recognizedover a five-year period.

» Long-Term Receivables

The “Prior Service Contributions Receivable” on the Statement of Fiduciary Net Position represents the WRSunfunded actuarial accrued liability (UAAL), determined under the plan’s Frozen Initial Liability fundingmethodology. This liability is being amortized as a level percentage of payroll over a 40-year period beginningJanuary 1, 1990, for employers in the WRS prior to 2009. The remaining balance is expected to be fullyamortized by December 31, 2029. Liabilities for employers joining the WRS beginning in 2009 are amortizedover 30 years. Interest is assessed on the outstanding liability at year-end at the assumed earnings rate. Thelevel-percentage-of-payroll amortization method results in a relatively lower dollar contribution in earlieryears than in later years, when payrolls have increased. During the early years of the amortization period,payments made are less than annual interest assessments, resulting in an increase in the liability. As payrollsincrease annually, prior service payments increase proportionally until they exceed annual interest andultimately fully liquidate the liability at the end of the amortization period. State law requires the accruedretirement cost to be funded. As of December 31, 2017, the receivable balance was $17.2 million.

» Variable Retirement Option

Prior to 1980, WRS participants could opt to have one-half of their required contributions and matchingemployer contributions invested in the Variable Fund. Retirement benefits were adjusted for the differencebetween the investment experience of the Core Fund and the Variable Fund. Provisions for allowing membersto withdraw from the Variable Fund were added with the passage of Chapter 221, Laws of 1979. The VariableFund was closed to new membership after April 30, 1980. 1999 Wisconsin Act 11 reopened the Variable Fundfor existing and future participants, effective January 1, 2001. As of December 31, 2017, there were 56,507active and inactive members and 40,877 annuitants participating in the Variable Fund.


FINANCIAL SECTION

» Municipal Police and Firefighters Pension Group

As of March 31, 1978, administration of certain local funds for police officers and firefighters was assumed bythe Wisconsin Retirement Fund. This included approximately 2,000 members. As of December 31, 2017,approximately 61 annuitants or their beneficiaries remained in the system. This group was closed to newmembers after January 1, 1948.

The liability for retirement benefits for these annuitants is funded by the employers, as benefit payments aremade. Annuity reserves for these police and firefighter annuities are established by a transfer from theemployer accumulation reserve at the time the annuity is approved. Earnings on these reserves are used tofund annuity adjustments on the same basis as for WRS annuitants. The unfunded liability for these annuitantsas of December 31, 2017, was $1.8 million.

» Annuity Supplement - General Fund

As authorized under 1985 Wis. Stats. § 40.27 (1), the State’s General Fund provides certain supplementalannuity benefits to annuitants receiving a continuing annuity on or before September 1974. The benefit issubject to continuation of the appropriation by the Legislature. ETF serves as a clearing agent for its payment.Total supplemental annuity benefits paid were approximately $112,000 in 2017.


5 CONTRIBUTIONS REQUIRED AND MADE

» Required Contributions

Contribution rates are determined by the "entry age normal with a frozen initial liability" actuarial method.This is a "level contribution" actuarial method intended to keep employer and employee contribution rates ata level percentage of payroll over the years. This method determines the amount of contributions necessary tofund: 1) the current service cost, which represents the estimated amount necessary to pay for benefits earnedby the employees during the current service year plus actuarial gains or losses arising from the differencebetween actual and assumed experience; and 2) the prior service cost, which represents the estimatedamount necessary to pay for unfunded benefits earned prior to the employer becoming a participatingemployer in the WRS and the past service cost of benefit improvements.

The 2017 contribution requirements were determined by the December 31, 2015, actuarial valuation.

Employee contributions are deducted from the employee’s salary and remitted to ETF by the participatingemployer. Employers generally may not pay the employee required contribution. The employee requiredcontribution is one-half of the actuarially-determined contribution rate for General category employees,which includes teachers and employees in the Executive and Elected Official category. By statute, employeerequired contributions for Protective occupation category employees are the same rate as General categoryemployees. Employers are required to contribute the remainder of the actuarially-determined contributionrate.

Contribution rates in effect during 2017 by employment category were:

Employment CategoryEmployer

CurrentEmployer

Prior * Employee TotalGeneral, Teachers, Executive & Elected Officials 6.8% 0.1% 6.8% 13.7%Protective Occupation with Social Security 10.6 0.1 6.8 17.5Protective Occupation without Social Security 14.9 0.1 6.8 21.8

*The employer prior service contribution rate is a weighted average of individual employer rates.

Contributions required and made during 2017 were:

Contributions(In Millions)

Percentageof Payroll

Employer Current Service $1,014.9 7.28%Employer Prior Service* 1.1 0.01Employee Required $949.3 6.81%*Employer Prior Service contributions are recorded on the Statement of Fiduciary Net Position as a reduction in the Prior Service ContributionReceivable. Contributions Made includes both mandatory and voluntary payments received from participating employers. Some Prior Servicecontributions received after year end are included in Contributions Made, but are not in the determination of Prior Service ContributionsReceivable. This is due to a difference in how these payments are treated for actuarial and financial reporting purposes.

Employers also contributed approximately $542,000 in reimbursement for benefits paid under the s. 62.13,Wis. Stat, Police and Firefighters Pension Program.

» Employee and Employer Additional Contributions

Contributions in addition to those required contributions by employees and/or employers may be made tothe retirement system. These contributions are held in separate reserve accounts and are subject to certainrestrictions as to amount, form of benefit payments, tax status, etc.


FINANCIAL SECTION

6 NET PENSION LIABILITY (ASSET)OF PARTICIPATING EMPLOYERS - WRS

The components of the net pension liability (asset) of the participating employers at December 31, 2017, wereas follows (In Millions):

Total Pension Liability* $101,427.34Plan Fiduciary Net Position** $104,396.46Participating Employer's Net Pension Liability (Asset) $ (2,969.12)Plan Fiduciary Net Position as aPercentage of the Total Pension Liability 102.93%*Includes the impact of known Market Recognition account deferredgains/losses on the liability for dividend payments.

Additional information as of the latest actuarial valuations follows:

Actuarial Valuation Date: December 31, 2016Measurement Date of NetPension Liability (Asset): December 31, 2017Actual Cost Method: Entry Age NormalAsset Valuation Method: Fair ValueLong-Term Expected Rate ofReturn: 7.2%Discount Rate: 7.2%Salary Increases: Inflation 3.2% Senior/Merit 0.2% - 5.6%

Mortality: Wisconsin 2012 Mortality TablePost-retirement Adjustments:* 2.1%

*No post-retirement adjustments is guaranteed. Actual adjustments are based onrecognized investment return, actuarial experience and other factors. 2.1% isassumed annual adjustments based on the investment return assumption andthe post-retirement discount rate. Includes the impact of known MarketRecognition Account deferred gains/losses on the liability for dividend payments.

Actuarial assumptions are based upon an experience study conducted in 2015 using experience from 2012 –2014. The total pension liability for December 31, 2017, is based upon a roll-forward of the liability calculatedfrom the December 31, 2016 actuarial valuation.

A single discount rate of 7.2% was used to measure the total pension liability, which was based on theexpected rate of return on pension plan investments. Because of the unique structure of the WRS, the 7.2%expected rate of return implies that a dividend of approximately 2.1% will always be paid after reflectingknown changes in the Market Recognition Account. For purposes of the single discount rate, it was assumedthat the dividend would always be paid.

The projection of cash flows used to determine the single discount rate assumed that plan membercontributions will be made at the current contribution rate and that employer contributions will be made atrates equal to the difference between actuarially determined contribution rates and the member rate. Basedon these assumptions, the pension plan’s fiduciary net position was projected to be available to make allprojected future benefit payments (including expected dividends) of current plan members. Therefore, thelong-term expected rate of return on pension plan investments was applied to all periods of projected benefitpayments to determine the total pension liability.


» Sensitivity of the Net Pension Liability (Asset) to Changes in the Discount Rate

The following presents the plan’s net pension liability (asset), calculated using a single discount rate of 7.2%, aswell as what the plan’s net pension liability (asset) would be if it were calculated using a single discount rate thatis one percentage point lower or one percentage point higher (In Millions):

1% Decrease (6.2%)

CurrentDiscount Rate

(7.2%)1% Increase

(8.2%)

Total Pension Liability $ 112,078.6 $ 101,427.3 $ 93,332.1Plan Fiduciary Net Position 104,396.5 104,396.5 104,396.5Net Pension Liability (Asset) $ 7,682.1 $ (2,969.2) $ (11,064.4)

Amounts may not foot due to rounding.

For the WRS, the determination of liabilities also depends on the assumed dividend that is linked to theinterest rate used in the liability calculation. Therefore, the following table shows an alternative set ofSensitivity Analysis, which varies the assumed dividend in conjunction with the change in the discount rate.For the liabilities shown below, the assumed dividend was 1.1% for the 6.2% discount rate, 2.1% for the 7.2%discount rate, and 3.0% for the 8.2% discount rate (In Millions):

1% Decrease (6.2%)


(7.2%)1% Increase

(8.2%)

Total Pension Liability $ 105,073.8 $ 101,427.3 $ 97,604.3Plan Fiduciary Net Position 104,396.5 104,396.5 104,396.5Net Pension Liability (Asset) $ 677.3 $ (2,969.2) $ (6,792.2)Amounts may not foot due to rounding.


FINANCIAL SECTION

7 STATUTORY RESERVES

The following reserves have been established to reflect legal restrictions on the use of pension trust funds.

» Employee Accumulation Reserve

As authorized by Wis. Stats. § 40.04 (4), this reserve includes all required and voluntary employeecontributions, including contributions made by the employer on behalf of the employee. This reserve mayonly be used to pay lump sum benefits or transfers to the Annuity Reserve to fund annuities. All legalrestrictions on use of this reserve were met during the year. The Employee Accumulation Reserve is fullyfunded.

Employee Accumulation Reserve balances (in millions) as of December 31, 2017, were:

Core Variable TotalEmployee Required $ 16,379.4 $ 1,858.0 $ 18,237.4Employee Additional 187.7 16.5 204.2Total $ 16,567.1 $ 1,874.5 $ 18,441.6

» Employer Accumulation Reserve

As authorized by Wis. Stat. § 40.04 (5), this reserve includes all required employer contributions, includingcontributions for amortization of the unfunded accrued actuarial liability. This reserve may only be used to paylump sum benefits or transfers to the Annuity Reserve to fund annuities. All legal restrictions on use of thisreserve were met during the year. The Employer Accumulation Reserve is 99.99% funded.

Employer Accumulation Reserve balances (in millions) as of December 31, 2017, were:

Core VariablePolice &

Firefighters TotalEmployer Accumulation $ 21,207.5 $ 1,858.0 $ 0.0 $ 23,065.5Less: Unfunded Actuarial Accrued Liability 0.0 0.0 (1.8) (1.8)Net Employer Accumulation $ 21,207.5 $ 1,858.0 $ (1.8) $ 23,063.7

» Annuity Reserve

As authorized by Wis. Stat. § 40.04 (6), this reserve includes the present value of all annuities. The present valueof new annuities is transferred from the Employee Accumulation Reserve and the Employer AccumulationReserve to the Annuity Reserve. This reserve may only be used for the payment of annuities and deathbenefits to annuitants. All legal restrictions on use of this reserve were met during the year. The AnnuityReserve is fully funded.


Annuity Reserve balances (in millions) as of December 31, 2017, were:

Core VariablePolice &

Firefighters TotalAnnuity Reserve $ 55,253.0 $ 4,323.6 $ 4.7 $ 59,581.3

» Market Recognition Account

As authorized by Wis. Stat. § 40.04 (3), this reserve is used to smooth the flow of investment income into theEmployee, Employer, and Annuity Reserves and other benefit plans invested in the Core Fund. Under theMarket Recognition Account (MRA), all investment income, including realized and unrealized market gains andlosses, is deposited into the MRA. At year-end, income equal to the assumed earnings rate is recognized. Anysurplus or shortfall in earnings is recognized equally over five years.

Year-end balances in the MRA (In Millions) for the last five years after annual distributions were as follows:

As of: MRADecember 31, 2013 4,721December 31, 2014 2,540December 31, 2015 (3,404)December 31, 2016 (3,086)December 31, 2017 3,273


FINANCIAL SECTION

8 PUBLIC ENTITY RISK POOLS

ETF operates four public entity risk pools: Health Insurance, Income Continuation Insurance (ICI), DutyDisability Insurance , and Life Insurance. In accordance with GASB Statement No. 10, Accounting and FinancialReporting for Risk Financing and Related Insurance Issues, these funds are accounted for as enterprise funds.

» Health Insurance Fund

The Health Insurance Fund offers group health insurance for current employees of the State of Wisconsin andof participating local public employers. All public employers in the state are eligible to participate. The State ofWisconsin and 354 local employers participated during the year. The fund includes both a self-insured fee-for-service plan as well as various prepaid plans, primarily Health Maintenance Organizations (HMOs).

The Health Insurance Fund includes four separate risk pools. The first pool includes those members who havechosen health insurance coverage from an HMO. All liabilities for medical claims for these participants are theresponsibility of the HMO and are not included in the unpaid claims analysis or in the RequiredSupplementary Information (RSI).

The second pool includes medical coverage for those members selecting the self-insured indemnity planoffered by ETF. Liabilities for this pool are presented in the unpaid claims analysis and in the RequiredSupplementary Information.

The third pool includes self-insured pharmacy benefits for all members regardless of whether they receivemedical coverage from an HMO or through the medical coverage indemnity plan. Liabilities for this pool arepresented in the unpaid claims analysis and in the Required Supplementary Information.

The fourth pool includes self-insured dental benefits for members selecting this self-insured indemnityplan offered by ETF. Prior to 2016, dental benefits were included as part of the HMO coverage.Liabilities for this pool are presented in the unpaid claims analysis and in the Required SupplementaryInformation.

» Income Continuation Insurance Fund

The Income Continuation Insurance (ICI) Fund offers both long-term and short-term disability benefits(up to 75% of gross salary) for current employees of the State of Wisconsin and participating localpublic employers. All public employers in Wisconsin are eligible to participate. The State of Wisconsinand 219 local employers currently participate in the plan, and it is self-insured. Since March 2012,premiums have been suspended for the local employers as a result of the increase in funded status ofthe local employer program.

» Duty Disability Fund

The Duty Disability Fund offers special disability insurance for State of Wisconsin and local WRSparticipants in protective occupations. Participation in the program is mandatory for all WRSemployers with protective occupation employees. The State of Wisconsin and 494 local employerscurrently participate. The plan is self-insured, and the risk is shared between the State of Wisconsin andlocal government employers in the plan.

The Duty Disability program is intended to compensate WRS protective category employees for duty-related disabilities. Benefits are payable for duty-related injuries or diseases that are likely to bepermanent and that cause the employee to retire, accept reduced pay or a light-duty assignment, orthat impair the employee's promotional opportunities.

Contributions are actuarially determined and are employer paid. Contributions are based on agraduated, experience-rated formula. During 2017, contribution rates ranged from 0.20% to 5.28% ofcovered payroll based on employer experience.

» Life Insurance Fund

The Life Insurance Fund offers group life insurance coverage for current State of Wisconsin employeesand employees of participating local public employers. All public employers in the state are eligible toparticipate. The State of Wisconsin and 738 local employers currently participate in the program.Employers and active employees make premium contributions, which ETF passes on to the insurancecarrier. Participants have the option to select multiple coverage levels, each of which requires differentpremium contributions. Assets and liabilities are recorded in this program for contributions not yetreceived and payments not yet remitted to the insurance carrier, respectively.


Public Entity Risk Pool Accounting Policies

Basis of Accounting: All public entity risk pools are accounted for in enterprise funds using the fullaccrual basis of accounting and the flow of economic resources measurement focus.

Valuation of Investments: Assets of the Health Insurance, ICI, and Duty Disability funds are investedin the Core Retirement Investment Trust and are valued at fair value.

Unpaid Claims Liabilities: The fund establishes claims liabilities based on estimates of the ultimatecost of claims that have been reported but not settled and of claims that have been incurred but notreported. The estimate includes the effects of inflation and other societal and economic factors.Adjustments to claims liabilities are charged or credited to expense in the periods in which they aremade. Unpaid claims liability is presented at face value and is not discounted for Health Insurance.These liabilities are discounted using an interest rate of 7.2% for the ICI and Duty Disability programs.The liabilities of the ICI, Health Insurance, and Duty Disability programs were determined by actuarialmethods. Face value of the liability for these programs is not available.

Administrative Expenses: All maintenance expenses are expensed in the period they are incurred.Acquisition costs are immaterial and are treated as maintenance expenses.

Reinsurance: Health insurance plans provided by Health Maintenance Organizations (HMOs) are fullyinsured by outside insurers. All remaining risk is self-insured with no reinsurance coverage.

Risk Transfer: Participating employers are not subject to supplemental assessments in the event ofdeficiencies. If the assets of a fund were exhausted, participating employers would not be responsiblefor the fund's liabilities.

Premium Setting: Premiums are established by the GIB (Health Insurance and ICI) and ETF Board forDuty Disability in consultation with actuaries.

Statutory Authority: All programs are operated under the authority of Chapter 40, WisconsinStatutes.


FINANCIAL SECTION

Unpaid Claims Liabilities

Each fund establishes a liability for both reported and unreported insured events, which is an estimateof future payments of losses. The following represents changes in those aggregate liabilities (InMillions) for each fund during the past year. The amounts for Health Insurance Programs include onlythe portion of the program that is self-insured.

IncomeContinuation

DutyDisability**

HealthInsurance

PharmacyBenefits Dental

2017 2016 2017 2016 2017 2016 2017 2016 2017 2016

Unpaid claims and claimadjustment expenses atbeginning of the calendar year: $ 93.5 $ 87.1 $ 453.4 $ 418.9 $ 2.0 $ 1.9 $ (15.0) $ (19.5) $ 1.9 $ 0.0

Incurred claims and claimadjustment expenses:

Provision for insured events of thecurrent calendar year 17.7 20.7 19.2 11.9 16.0 15.1 164.5 156.0 44.4 44.1

Changes in provision for insuredevents of prior calendar years 1.1 6.8 27.2 57.0 (0.2) (0.6) (4.9) 14.4 (0.1) 0.0

Total incurred claims and claimadjustment expenses 18.8 27.5 46.4 68.9 15.8 14.5 159.6 170.4 44.3 44.1

Payments:

Claims and claim adjustmentexpenses attributable to insuredevents of the current calendar year 4.6 5.6 0.0 0.1 14.2 13.1 183.3 171.0 43.4 42.2

Claims and claim adjustmentexpenses attributable to insuredevents of prior calendar years 15.0 15.6 35.0 34.3 1.8 1.3 (19.9) (5.1) 1.8 0.0

Total payments 19.6 21.2 35.0 34.4 16.0 14.4 163.4 165.9 45.2 42.2

Total unpaid claims and claimadjustment expenses at end ofthe calendar year $ 92.7 $ 93.5 $464.8 $ 453.4 $ 1.8 $ 2.0 $ (18.8)* $ (15.0)* $ 1.0 $ 1.9

*Total unpaid claims at the end of 2017 is the net of $4.4 million in unpaid claims and $23.2 million in rebates due from pharmaceutical companies; unpaidclaims at the end of 2016 is the net of $4.5 million in unpaid claims and $19.5 million in rebates due from pharmaceutical companies.

** Prior to 2017, the Duty Disability fund was reported as a fiduciary fund rather than a proprietary (i.e. risk pool) fund. The beginning year value noted abovewas the result of a Prior Period Adjustment to re-state the Duty Disability fund as a risk pool.

Amounts may not foot due to rounding


9 OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANSADMINISTERED BY ETF

ETF administers four OPEB plans: the State Retiree Life Insurance Fund, the Local Government RetireeLife Insurance Fund, the State Retiree Health Insurance Fund and the Local Government Retiree HealthInsurance Fund.

Governance Board

The Group Insurance Board (GIB) sets policy for the life insurance as well as the health insuranceprograms for state employees and for those local employers who chose to offer them. Membership ofthe GIB is comprised of the following positions as required by Wisconsin Statutes:

• Appointed by the Governor (no membership requirement);

• Ex officio, Administrator in Department of Administration, Division of Personnel Management(or their designee);

• Appointed by the Governor (insured participant in the WRS who is a teacher);• Appointed by the Governor (insured participant in the WRS who is a retiree);• Ex officio, Secretary of the Department of Administration (or their designee);• Appointed by the Governor (insured participant in the WRS who is an employee of a local government

unit);• Appointed by the Governor (insured participant in the WRS who is not a teacher);• Ex officio, Attorney General (or their designee);• Appointed by the Governor (chief executive or member of the governing body of a local government

that is a participating employer);• Ex officio, Commissioner of Insurance (or their designee); and• Ex officio, Governor (or their designee).

Plan Descriptions

» Retiree Life Insurance Funds

The State Retiree Life Insurance Fund includes the State, the University of Wisconsin, and other componentunits of the State, and is considered a single-employer defined benefit OPEB plan. The Local GovernmentRetiree Life Insurance Fund included 738 local government employers as of December 31, 2017 and isconsidered a cost-sharing multiple-employer defined benefit OPEB plan. The plans are reported as otheremployee benefit trust funds. The plans provide post-employment life insurance coverage to all eligibleemployees of participating employers. The plans are established by Wis. Stats. § 40.70. ETF, under thedirection of the Group Insurance Board (GIB), is responsible for the administration of the life insuranceprograms. ETF contracts with Securian Financial Group, Inc (Securian) as a third party administrator for theRetiree Life Insurance plans. Benefit terms may be modified by the GIB, subject to state and federal legislativeconstraints.

MembershipEnrollment Eligibility: Generally, members may enroll during a 30-day enrollment period after their date ofhire. Members may also enroll after the initial 30-day enrollment period with evidence of insurability. Membersunder evidence of insurability enrollment must enroll in group life insurance coverage before age 55 to beeligible for Basic or Supplemental coverage.

Membership as of December 31, 2017, included:

State Local TotalActive* 51,438 75,719 127,157Inactive:

Pre-Age 65Annuitants 7,032 10,195 17,227Post-Age 64Annuitants 24,973 33,644 58,617

Totals 83,443 119,558 203,001*Active members include disabled


FINANCIAL SECTION

ContributionsThe GIB approves contribution rates annually, based on recommendations from the insurance carrier.Recommended rates are based on an annual valuation, taking into consideration an estimate of the presentvalue of future benefits and the present value of future contributions. A portion of employer contributionsmade during a member’s working lifetime funds a post-retirement benefit.

Employers are required to pay the following contributions based on employee contributions for activemembers to provide them with Basic Coverage after age 65. There are no employer contributions required forpre-age 65 annuitant coverage. If a member retires prior to age 65, they must continue paying the employeepremiums until age 65 in order to be eligible for the benefit after age 65.

State and Local Retiree Life Insurance Employer Contribution Rates

For the year ended December 31, 2017Coverage Type State Local

50% Post Retirement Coverage 28% of employee contribution 40% of employee contribution

25% Post Retirement Coverage N/A 20% of employee contribution

Employee contributions are based upon nine age bands through age 69 and an additional eight age bands forthose age 70 and over. Participating employees must pay monthly contribution rates per $1,000 of coverageuntil the age of 65 (age 70 if active). The employee contribution rates in effect for the year ended December31, 2017 are as listed below:

Life Insurance Employee Contribution Rates

For the year ended December 31, 2017State Local

Attained Age Basic Supplemental Basic SupplementalUnder 30 $ 0.04 $ 0.04 $ 0.05 $ 0.0530-34 0.04 0.04 0.06 0.0635-39 0.04 0.04 0.07 0.0740-44 0.06 0.06 0.08 0.0845-49 0.10 0.10 0.12 0.1250-54 0.16 0.16 0.22 0.2255-59 0.22 0.22 0.39 0.3960-64 0.30 0.30 0.49 0.4965-69 0.39 0.39 0.57 0.57* Disabled members under age 70 receive a waiver-of-premiumbenefit.

The table on the next page provides the total amount of contributions paid during 2017 by employers andpre-age 65 annuitants to fund post-retirement benefits.


State and Local Retiree Life Insurance Contributions Paid

For the year ended December 31, 2017Contribution Type State Local

Employer $ 1,376,480 $ 2,062,899Pre-age 65 Annuitants* 3,602,336 5,672,270Total $ 4,978,816 $ 7,735,169*Starting in CY 2017, contributions received from pre-age 65 annuitants are recorded as areduction of benefit expense on the Statement of Fiduciary Net Position.

Description of BenefitsRetirement Eligibility: At retirement, the member must have active group life insurance coverage andsatisfy one of the following:

– WRS coverage prior to January 1, 1990, or– At least one month of group life insurance coverage in each of five calendar years after 1989

and one of the following:– Eligible for an immediate WRS benefit, or– At least 20 years from their WRS creditable service as of January 1, 1990, plus their years of group life insurance coverage after 1989, or– At least 20 years on the payroll of their last employer.

In addition, terminating members and retirees must continue to pay the employee contributions until age 65(age 70 if active).

Basic Coverage Benefits: After retirement, basic coverage is continued for life in these amounts of theinsurance in force before retirement:

% of Basic CoverageContinuing

Age State LocalBefore age 65 100% 100%While age 65 75% 75%While age 66 50% 50%After age 66 50% 50%/25% Employer Election

Supplemental Coverage Benefits: After retirement, supplemental coverage may be continued until age65 at 100% of the amount of the insurance in force before retirement at the employee’s expense.

Additional Coverage Benefits: After retirement, additional coverage may be continued until age 65 at100% of the amount of the insurance in force before retirement at the employee’s expense.

Spouse and Dependent Coverage Benefits: After retirement, the coverage is terminated.

Investment Contract with Insurance Carrier (Securian)Investments for the Retiree Life Insurance Funds are held with the insurance carrier, Securian. In accordancewith the administrative agreement between the GIB and Securian, interest is calculated and credited to theRetiree Life Insurance plans based on the rate of return for a segment of the insurance carrier’s general fund,


FINANCIAL SECTION

specifically, 10 Year A- Bonds (as a proxy and not tied to any specific investments). The funds invested duringthe year earn interest based on that year’s rate of return for 10 Year A- Bonds. The overall aggregate interestrate is calculated using a tiered approach based on the year the funds were invested and the rate of return forthat year. Investment interest is credited based on the aggregate rate of return and assets are not adjusted tofair market value. Furthermore, the insurance carrier guarantees the principal amounts of the reserves,including all interest previously credited thereto. No significant contract changes occurred during the year.

The targeted asset allocation and expected rates of return are presented in the following table:

State and Local Retiree Life InsuranceAsset Allocation Targets and Expected Returns


Asset Class IndexTarget

Allocation

Long-Term ExpectedGeometric Real Rate

of ReturnUS Government Bonds Barclays Government 1% 1.13%US Credit Bonds Barclays Credit 65% 2.61%US Long Credit Bonds Barclays Long Credit 3% 3.08%US Mortgages Barclays MBS 31% 2.19%

Inflation 2.30%

Long-Term Expected Rate of Return 5.00%

The annual money-weighted rate of return on plan investments is shown in the below table. The money-weighted rate of return expresses investment performance, net of OPEB plan investment expense, adjusted forthe changing amounts actually invested.

State and Local Retiree Life Insurance Plans Schedule of Investment Returns

Annual Money-Weighted Rate of Return

2017State Retiree Life Insurance Plan 3.19%Local Retiree Life Insurance Plan 3.13%

State Retiree Life Insurance Net OPEB Liability (Asset) of Participating EmployerThe components of the Net OPEB Liability (Asset) of the participating State employer at December 31, 2017,were as follows (In Millions):

Total OPEB Liability $ 845.52Plan Fiduciary Net Position* 351.97Participating Employer's Net OPEB Liability (Asset) $ 493.55Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability 41.63%*Immaterial difference may exist between the Plan Fiduciary Net Position used in the actuarial valuation and thatreported in the Statement of Fiduciary Net Position, due to the timing of the actuarial valuation.



Actuarial Valuation Date: January 1, 2017

Measurement Date of Net OPEB Liability (Asset): December 31, 2017Actuarial Cost Method: Entry Age Normal20 Year Tax-Exempt Municipal Bond Yield* 3.44%

Long-Term Expected Rate of Return: 5.00%Discount Rate: 3.60%Salary Increases:

Inflation 3.20%Senior/Merit 0.2% - 5.6%

Mortality: Wisconsin 2012 Mortality Table* Based on the Bond Buyers GO index.

Actuarial assumptions are based upon the Wisconsin Retirement System (WRS) experience study conducted in2015 using experience from 2012 – 2014. The Total OPEB Liability for December 31, 2017 is based upon a roll-forward of the liability calculated from the December 31, 2016 actuarial valuation.

The long-term expected rate of return is determined by adding expected inflation to expected long-term realreturns and reflecting expected volatility and correlation.

A discount rate of 3.60% was used to measure the Total OPEB Liability for the current year, as opposed to adiscount rate of 3.94% for the prior year. The projection of cash flows used to determine the single discountrate assumed that employer contributions will be made according to the current employer contributionschedule and that contributions are made by plan members retiring prior to age 65.

Based on these assumptions, the plan’s fiduciary net position was projected to be insufficient to make allprojected future benefit payments of current active and inactive employees. Therefore, the discount rate forcalculating the Total OPEB Liability was applied to benefit payments, to the extent that the plan’s fiduciary netposition is projected to be sufficient to make projected benefit payments, and the municipal bond rateapplied to benefit payment to the extent that the plan’s fiduciary net position is projected to be insufficient.The plan’s fiduciary net position was projected to be available to make projected future benefit payments ofcurrent plan members through December 31, 2034. Therefore, the long-term expected rate of return on planinvestments was applied through 2034 and the municipal bond index rate was applied for all remainingperiods of projected benefit payments to determine the Total OPEB Liability.

Sensitivity of the State Retiree Life Insurance Net OPEB Liability (Asset) to Changes in theDiscount Rate

The following presents the plan’s Net OPEB Liability (Asset) and shows what the plan’s Net OPEB Liability(Asset) would be if it were calculated using a single discount rate that is one percentage point lower or onepercentage point higher (In Millions):


FINANCIAL SECTION

1% Decrease (2.60%)


(3.60%)1% Increase

(4.60%)

Total OPEB Liability $ 1,023.9 $ 845.5 $ 707.0Plan Fiduciary Net Position 352.0 352.0 352.0Net OPEB Liability (Asset) $ 671.9 $ 493.5 $ 355.0

Local Retiree Life Insurance Net OPEB Liability (Asset) of Participating Employers

The components of the Net OPEB Liability (Asset) of the participating local employers at December 31, 2017,were as follows (In Millions):

Total OPEB Liability $ 545.09Plan Fiduciary Net Position* 244.23Participating Employer's Net OPEB Liability (Asset) $ 300.86Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability 44.81%*Immaterial difference may exist between the Plan Fiduciary Net Position used in the actuarial valuation and thatreported in the Statement of Fiduciary Net Position, due to the timing of the actuarial valuation.


Actuarial Valuation Date: January 1, 2017

Measurement Date of Net OPEB Liability (Asset): December 31, 2017Actuarial Cost Method: Entry Age Normal20 Year Tax-Exempt Municipal Bond Yield* 3.44%

Long-Term Expected Rate of Return: 5.00%Discount Rate: 3.63%Salary Increases:

Inflation 3.20%Senior/Merit 0.2% - 5.6%

Mortality: Wisconsin 2012 Mortality Table

* Based on the Bond Buyers GO index.

Actuarial assumptions are based upon the WRS experience study conducted in 2015 using experience from2012 – 2014. The Total OPEB Liability for December 31, 2017, is based upon a roll-forward of the liabilitycalculated from the December 31, 2016 actuarial valuation.

The long-term expected rate of return is determined by adding expected inflation to expected long-term realreturns and reflecting expected volatility and correlation.

A discount rate of 3.63% was used to measure the Total OPEB Liability for the current year, as opposed todiscount rate of 3.96% for the prior year. The projection of cash flows used to determine the single discountrate assumed that employer contributions will be made according to the current employer contributionschedule and that contributions are made by plan members retiring prior to age 65.


Based on these assumptions, the plan’s fiduciary net position was projected to be insufficient to make allprojected future benefit payments of current active and inactive employees. Therefore, the discount rate forcalculating the Total OPEB Liability was applied to benefit payments, to the extent that the plan’s fiduciary netposition is projected to be sufficient to make projected benefit payments, and the municipal bond rateapplied to benefit payment to the extent that the plan’s fiduciary net position is projected to be insufficient.The plan’s fiduciary net position was projected to be available to make projected future benefit payments ofcurrent plan members through December 31, 2037. Therefore, the long-term expected rate of return on planinvestments was applied through 2037 and the municipal bond index rate was applied for all remainingperiods of projected benefit payments to determine the Total OPEB Liability.

Sensitivity of the Local Retiree Life Insurance Net OPEB Liability (Asset) to Changes in theDiscount Rate

The following presents the plan’s Net OPEB Liability (Asset) and shows what the plan’s Net OPEB Liability(Asset) would be if it were calculated using a single discount rate that is one percentage point lower or onepercentage point higher (In Millions):

1% Decrease (2.63%)


(3.63%)1% Increase

(4.63%)

Total OPEB Liability $ 669.5 $ 545.1 $ 449.6Plan Fiduciary Net Position 244.2 244.2 244.2Net OPEB Liability (Asset) $ 425.3 $ 300.9 $ 205.4

» Retiree Health Insurance Funds

The Retiree Health Insurance plans offer group health insurance to retired State of Wisconsin and localgovernment employees. Retirees pay the full premium amount. The State Retiree Health Insurance Fundincludes the State, the University of Wisconsin, and other component units of the State. The Local GovernmentRetiree Health Insurance Fund includes 354 local government employers. The plans are not administeredthrough a trust and are therefore reported as agency funds. The Retiree Health Insurance Funds containcertain non-OPEB components relating to post-Medicare pharmacy and health insurance benefits.

ETF and the GIB have statutory authority for program administration and oversight [Wis. Stats. §§ 15.165 (2)and 40.03 (6)].

MembershipState of Wisconsin and local government employees participating in the State Health Insurance Plan or theWisconsin Public Employers Insurance Plan (local government plans) are eligible to continue their healthinsurance coverage after leaving covered employment. Membership as of December 31, 2017, included 26,692former state employees or their beneficiaries and 1,987 former local government employees and beneficiaries.

Description of BenefitsEmployees may choose between self-insured health plans and alternate health plans with specific providernetworks (i.e., HMOs). The HMOs follow GIB guidelines for eligibility and program requirements. All HMOs offera prescribed benefit package called Uniform Benefits and participate in a yearly competitive premium rate bid


FINANCIAL SECTION

process. The Standard Plan and State Maintenance Plan are self-insured by the GIB and administered by WPSHealth Insurance through December 31, 2017. The Standard Plan is a preferred provider plan.

The pharmacy benefit is self-insured by the GIB and administered by Navitus Health Solutions.

Effective January 1, 2012, prescription drug coverage for Medicare eligible retirees enrolled in the State grouphealth insurance program is provided by a self-funded Medicare Part D Employer Group Waiver Plan (EGWP). AMedicare “Wrap” product is also included to provide full coverage to members, as required by uniformbenefits, when they reach the Medicare coverage gap, also known as the “donut hole."


10 MILWAUKEE RETIREMENT SYSTEM

The Milwaukee Retirement System (MRS), consisting of two funds within the Milwaukee Public SchoolsRetirement System, is reported as an Investment Trust Fund. MRS provides assets to ETF for investing in theCore and Variable Funds, described in the Investments section of Note 1. The Core and Variable Funds aremanaged by SWIB, with oversight by a board of trustees as authorized in Wis. Stat. § 25.17. SWIB is notregistered with the Securities and Exchange Commission as an investment company. Participation of the MRSin the Core and Variable Funds is described in the Wisconsin Administrative Code, § ETF 10.12. Monthly, ETFdistributes pro-rata shares of total Core Fund and total Variable Fund earnings, less administrative expenses tothe MRS accounts. The MRS accounts are adjusted to fair value and gains/losses are recorded directly in theaccounts per Wisconsin Administrative Code, § ETF 10.12 (2).

No state statute, legal provision, or legally-binding guarantee exists to support the value of shares. AtDecember 31, 2017, the Core and Variable Funds held $108.4 billion in investment related accounts, of which$3.5 billion is classified as cash equivalents. In addition, the Core and Variable Funds held $1.6 billion ofsecurities lending collateral.

Summary information by investment classification in accordance with GASB Statement No. 31, Accounting andFinancial Reporting for Certain Investments and for External Investment Pools, for the Core and Variable Funds atDecember 31, 2017, is presented in Note 3. Condensed financial data for the Core and Variable Funds for theyear ended December 31, 2017, is presented on the next page.

Core and Variable Retirement Investment Funds Condensed Statements of Net Position

As of December 31, 2017 (In Thousands)

Assets: Core Variable CombinedCash & Cash Equivalents $ 3,417,883 $ 98,379 $ 3,516,262Securities Lending Collateral 1,522,476 54,186 1,576,662Due From Other Funds 634 0 634Prepaid Items 25,547 1,878 27,425Investment Receivables 1,558,339 37,517 1,595,856Investments, at fair value 104,574,185 8,042,006 112,616,191

Total Assets 111,099,064 8,233,966 119,333,030

Liabilities:Securities Lending Collateral Liability 1,522,476 54,186 1,576,662Obligation Under Reverse Repurchase Agreement 6,114,256 0 6,114,256Short Sell Obligations 2,722,194 0 2,722,194Collateral Due to Counterparty 2,860 0 2,860Investment Payables 465,850 1,340 467,190

Total Liabilities 10,827,636 55,526 10,883,162

Net Position Held in Trust for:Internal Investment Pool Participants 100,098,394 8,158,108 108,256,502Milwaukee Retirement Systems 173,034 20,332 193,366

Total $ 100,271,428 $ 8,178,440 $ 108,449,868

Core and Variable Retirement Investment Funds Condensed Statements of Changes in Net Position


Additions: Core Variable CombinedNet Increase (Decrease) in Fair Value of Investments $ 12,427,469 $ 1,403,547 $ 13,831,016Interest 568,507 952 569,459Dividends 1,088,223 155,293 1,243,516Securities Lending Income 31,296 6,571 37,867Other 213,128 0 213,128

Total Additions 14,328,623 1,566,363 15,894,986

Deductions:Investment Expense 478,382 9,001 487,383Securities Lending Rebates and Fees 7,791 429 8,220Net Withdrawals by Pool Participants 2,990,625 394,791 3,385,416

Total Deductions 3,476,798 404,221 3,881,019

Net Increase (Decrease) 10,851,825 1,162,142 12,013,967

Net Investment Position Held in TrustBeginning of Year 89,419,603 7,016,298 96,435,901End of Year $ 100,271,428 $ 8,178,440 $ 108,449,868


FINANCIAL SECTION


11 CONTINGENCIES, UNUSUAL EVENTS, & SUBSEQUENT EVENTS

» Loss Contingencies

A federal lawsuit has been brought against the department and others challenging the State of WisconsinGroup Health Insurance Program’s exclusion for “[p]rocedures, services, and supplies related to surgery and sexhormones associated with gender reassignment.” Plaintiffs are seeking various remedies, including damagesfor pain and suffering. The amount of any potential damage award is indeterminate at this time.

On September 5, 2008, the Internal Revenue Service (IRS) provided SWIB with a “Notice of Transferee Liability”.This claim seeks taxes, penalties, and interest relating to the sale of Shockley Communications Corporation(SCC) stock in 2001.

SWIB is classified as a tax-exempt entity by the IRS. However, the IRS asserts that the shareholders’ sale of SCCstock in 2001 should have been characterized as a sale of assets by SCC, on which SCC should have paidincome taxes. Based on the theory of transferee liability, the IRS asserts that the former SCC shareholders,including SWIB, are liable for SCC's unpaid taxes, penalties, and interest.

SWIB has filed a petition in the United States Tax Court contesting the proposed IRS assessment. In April 2014,SWIB and the IRS agreed to stay the Tax Court proceeding pending the resolution of the tax case initiated bythe principal shareholders of SCC challenging the IRS’ characterization of the SCC sale. In 2015, the Tax Courtfound that the principal shareholders of SCC were liable as putative transferees for the tax, penalties, andinterest owed by SCC related to its sale. In October 2017, the 11th Circuit Court of Appeals upheld the 2015 TaxCourt opinion. Although SWIB plans to continue to aggressively contest the IRS’ assertions of SWIB’s taxliability, and SWIB has separate and distinct arguments from the principal shareholders of SCC, at the end of2015, SWIB determined it was prudent to accrue a potential loss from the SCC transaction based on the TaxCourt’s adverse opinion. SWIB’s potential liability, as a putative transferee of SCC assets, is reasonablyestimated to be between $16.6 million and $53.8 million as of December 31, 2017. Although results may differ,this estimated range of loss is based on a possible settlement strategy with the IRS and the maximumpotential liability to the IRS for the taxes, interest, and potential penalties of SCC based on the Tax Court'sdecision against the principal shareholders. Accordingly, in calendar year 2015, SWIB accrued a loss of $16.6million, which represents the estimated minimum amount of the possible loss to which SWIB believes it maybe exposed.

» Subsequent Events

In March 2018, ETF’s vendor for developing a new benefits administration system, myETF, stopped providingservices. This unexpected stoppage significantly affected development of myETF. As of December 31, 2017,ETF has capitalized $21.9 million in development costs related to this new system. This is reported as part ofthe $33.9 million in capital assets for the WRS.

REQUIRED SUPPLEMENTARY INFORMATION


FINANCIAL SECTION

» PUBLIC ENTITY RISK POOLS

Claims Development Information

The tables on the following pages illustrate how the funds’ earned revenues and investment income compareto related costs of loss and other expenses assumed by the funds as of the end of each of the last ten years.The rows of the tables are defined as follows:

1. Net Earned Required Contributions and Investment Revenues. Shows the total of each calendar year’searned contribution revenues and investment revenues.

2. Unallocated Expense. Shows each calendar year’s other operating costs of the fund, including overheadand claims expenses not allocable to individual claims.

3. Estimated Incurred Claims and expenses as of the End of the Policy Year. Shows the fund’s incurred claimsand allocated claim adjustment expense (both paid and accrued) as originally reported as the end of thefirst year in which the event that triggered coverage under the contract occurred (called policy year).

4. Paid (cumulative) as of Year-End. Shows the cumulative amounts paid as of the end of successive years foreach policy year.

5. Re-estimated Incurred Claims and expenses. Shows how each policy year incurred claims increased ordecreased as of the end of successive policy years. This annual re-estimation results from new informationreceived on known claims, reevaluation of existing information on known claims, as well as emergence ofnew claims not previously known.

6. Increase (Decrease) in Estimated Incurred Claims from End of Policy Year. Compares the latest re-estimatedincurred claims amount to the amount originally established (line 3) and shows whether this latestestimate of claims cost is greater or less than originally thought.

As data for individual policy years mature, the correlation between original estimates and re-estimatedamounts is commonly used to evaluate the accuracy of incurred claims currently recognized in less maturepolicy years. The columns of the tables show data for successive policy years.

Public Entity Risk PoolsRequired Supplementary Information

Pharmacy Benefit Claims Development Information(In Millions)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

1. Net earned requiredcontributions and investmentrevenues $ 138.8 $ 155.5 $ 178.9 $ 169.9 $ 153.7 $ 159.6 $ 157.7 $ 166.5 $ 214.3 $ 223.5

2. Unallocated expense 8.8 6.4 8.7 6.4 8.0 4.4 6.0 6.0 5.9 5.8

3. Estimated incurred claims andexpenses as of the end of thepolicy year 124.0 134.8 148.4 144.6 141.3 149.0 163.5 176.9 156.0 164.5

4. Paid (cumulative) as of *

End of Policy Year 126.3 139.1 155.8 150.7 148.3 156.6 173.4 196.4 171.0 183.3

One Year Later 123.9 134.1 147.3 145.1 141.2 148.3 163.5 177.0 151.0

Two Years Later 123.9 134.1 147.3 145.1 141.2 148.3 163.5 177.1

Three Years Later 123.9 134.1 147.3 145.1 141.2 148.3 163.5

Four Years Later 123.9 134.1 147.3 145.1 141.2 148.3

Five Years Later 123.9 134.1 147.3 145.1 141.2

Six Years Later 123.9 134.1 147.3 145.1

Seven Years Later 123.9 134.1 147.3

Eight Years Later 123.9 134.1

Nine Years Later 123.9

5. Reestimated incurred claimsand expenses:


One Year Later 123.9 134.1 147.3 145.1 141.2 148.3 163.5 177.0 151.0

Two Years Later 123.9 134.1 147.3 145.1 141.2 148.3 163.5 177.1


Four Years Later 123.9 134.1 147.3 145.1 141.2 148.3

Five Years Later 123.9 134.1 147.3 145.1 141.2

Six Years Later 123.9 134.1 147.3 145.1




6. Increase (decrease) in estimatedincurred claims and expensesfrom end of policy year $ (0.1) $ (0.7) $ (1.1) $ 0.5 $ (0.1) $ (0.7) $ 0.0 $ 0.2 $ (5.0) $ 0.0

*Paid Claims include payments expected to be reimbursed as rebate payments from participating pharmaceutical companies. Incurred claimsare presented net of anticipated rebates.

In accordance with GASB Statement No. 74, retiree health is reported separately in an agency fund and is not included with the active healthinformation in this table.



Health Insurance Claims Development Information(In Millions)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

1. Net earned requiredcontributions and investmentrevenues $22.5 $41.5 $36.6 $27.9 $33.1 $29.9 $26.0 $22.5 $28.5 $35.6



4. Paid (cumulative) as of


One Year Later 28.3 23.4 22.6 20.7 17.2 16.0 16.7 14.3 14.9

Two Years Later 28.2 23.5 22.6 20.7 17.1 16.0 16.7 14.3


Four Years Later 28.2 23.5 22.6 20.7 17.1 16.0

Five Years Later 28.2 23.5 22.6 20.7 17.1

Six Years Later 28.2 23.5 22.6 20.7






One Year Later 28.3 23.5 22.6 20.7 17.2 16.0 16.7 14.3 14.9

Two Years Later 28.2 23.5 22.6 20.7 17.1 16.0 16.7 14.3


Four Years Later 28.2 23.5 22.6 20.7 17.1 16.0

Five Years Later 28.2 23.5 22.6 20.7 17.1

Six Years Later 28.2 23.5 22.6 20.7




6. Increase (decrease) in estimatedincurred claims and expensesfrom end of policy year $(2.3) $(2.4) $(1.4) $(0.7) $(0.6) $(0.9) $(1.0) $(0.4) $(0.2) $0.0In accordance with GASB Statement No. 74, retiree health is reported separately in an agency fund and is not included with the active healthinformation in this table

Amounts above only include the portion of the medical program that is self-insured.


FINANCIAL SECTION


Dental Insurance Claims Development Information(In Millions)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017






One Year Later 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44.0

Two Years Later 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Four Years Later 0.0 0.0 0.0 0.0 0.0 0.0

Five Years Later 0.0 0.0 0.0 0.0 0.0

Six Years Later 0.0 0.0 0.0 0.0






One Year Later 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44.0

Two Years Later 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Four Years Later 0.0 0.0 0.0 0.0 0.0 0.0

Five Years Later 0.0 0.0 0.0 0.0 0.0





6. Increase (decrease) in estimatedincurred claims and expensesfrom end of policy year $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ (0.1) $ 0.0

*Prior to 2016 Dental Benefits were included as part of fully insured HMO coverage.



Income Continuation Insurance Claims Development Information(In Millions)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

1. Net earned requiredcontributions and investmentrevenues $ (9.1) $ 28.8 $ 25.0 $ 16.6 $ 25.0 $ 25.7 $ 20.5 $ 16.3 $ 27.1 $ 38.3





One Year Later 9.2 9.7 11.0 11.9 11.0 11.8 11.9 12.5 10.6

Two Years Later 10.0 10.8 12.2 12.8 12.3 13.8 13.6 14.3


Four Years Later 11.1 12.6 14.2 14.3 14.5 16.0

Five Years Later 11.6 13.3 15.3 14.9 15.4

Six Years Later 12.1 14.2 16.2 15.4






One Year Later 15.8 17.5 23.0 22.3 23.1 22.6 20.4 23.9 21.1

Two Years Later 15.3 17.5 20.1 20.0 20.9 24.0 22.5 23.4


Four Years Later 14.5 18.5 21.2 19.5 20.5 23.5

Five Years Later 14.7 18.8 22.5 19.5 21.0

Six Years Later 15.3 19.1 23.0 19.7




6. Increase (decrease) in estimatedincurred claims and expensesfrom end of policy year $ (6.4) $ (13.7) $ (11.0) $ (22.7) $ (12.4) $ (12.5) $ 1.7 $ 0.6 $ 0.4 $ 0.0


FINANCIAL SECTION


Duty Disability Insurance Claims Development Information(In Millions)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017






One Year Later 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4

Two Years Later 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Four Years Later 0.0 0.0 0.0 0.0 0.0 0.0

Five Years Later 0.0 0.0 0.0 0.0 0.0







One Year Later 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.2

Two Years Later 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Four Years Later 0.0 0.0 0.0 0.0 0.0 0.0

Five Years Later 0.0 0.0 0.0 0.0 0.0





6. Increase (decrease) in estimatedincurred claims and expensesfrom end of policy year $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ (5.7) $ 0.0

*Prior to 2016 data not available.


Wisconsin Retirement SystemSchedules of Changes in Net Pension Liability (Asset) and Related Ratios

(In Millions)Calendar Year Ended, December 31 2017 2016 2015 2014 2013

Total Pension Liability

Service Cost $1,842.9 $1,814.1 $1,787.9 $1,757.0 $1,745.0

Interest on the Total Pension Liability 6,627.2 6,372.4 6,347.1 6,089.3 5,680.7

Benefit Changes 0.0 0.0 0.0 0.0 0.0

Difference between Expected and Actual Experience* 4,459.5 150.3 (4,247.3) 437.3 2,659.9

Assumption Changes 0.0 0.0 1,412.0 0.0 0.0

Benefit Payments, including refunds of employeecontributions (5,249.6) (5,062.2) (4,861.2) (4,574.6) (4,258.0)

Net Change in Total Pension Liability 7,679.9 3,274.6 438.5 3,708.9 5,827.7

Total Pension Liability - Beginning 93,747.4** 90,129.7 89,691.2 85,982.2 80,154.6

Total Pension Liability - Ending (a) $101,427.3 $93,404.3 $90,129.7 $89,691.2 $85,982.2

Plan Fiduciary Net Position

Employer Contributions $1,017.6 963.1 977.7 987.8 $914.7

Employee Contributions 965.5 921.9 937.2 941.9 871.3

Pension Plan Net Investment Income 14,875.4 7,273.1 (673.1) 4,891.0 11,347.3

Benefit Payments, including refunds of employeecontributions (5,249.6) (5,062.2) (4,861.2) (4,574.6) (4,258.0)

Pension Plan Administrative Expense (26.1) (20.4) (22.7) (24.0) (22.9)

Net Change in Plan Fiduciary Net Position 11,582.7 4,075.4 (3,642.1) 2,222.0 8,852.4

Plan Fiduciary Net Position - Beginning 92,813.8*** 88,504.7 92,146.8 89,924.7 81,072.3

Plan Fiduciary Net Position - Ending (b) $104,396.5 $92,580.1 $88,504.7 $92,146.8 $89,924.7

Net Pension Liability(Asset) - Ending (a) - (b) $(2,969.1) $824.2 $1,625.0 $(2,455.6) $(3,942.5)

Plan Fiduciary Net Position as a Percentage of TotalPension 102.93 % 99.12% 98.20% 102.74 % 104.59 %

Covered Employee Payroll $13,943.1 $13,706.0 $13,530.5 $13,219.5 $12,884.8

Net Pension Liability(Asset) as a Percentage ofCovered Employee Payroll (21.29%) 6.01% 12.01% (18.58%) (30.60%)

Immaterial differences may exist between the amounts in this schedule and those reported in the Statement of Fiduciary Net Position

Amounts may not foot due to rounding.

* Starting with 2015, this item includes the impact of known Market Recognition account deferred gains/losses on the liability for dividendpayments.

** As of calendar year 2017, the Long-Term Disability Insurance (LTDI) program is reported within the Wisconsin Retirement System (WRS). Beginning of year liabilities for 2017 were adjusted by $343,079,422 to reflect the LTDI program.

*** As of calendar year 2017, the LTDI program is reported within the WRS. Beginning of year net position for 2017 was adjusted by $233,691,533to reflect the LTDI program.


FINANCIAL SECTION

Wisconsin Retirement SystemSchedule of Required Employer Contributions

(In Millions)

CalendarYear EndingDecember

31,

ActuariallyDetermined

ContributionsActual

Contributions

ContributionDeficiency

(Excess)CoveredPayroll

ActualContributions asa % of Covered

Payroll2013 905 905 0 12,885 7.02%2014 977 977 0 13,220 7.39%2015 968 968 0 13,531 7.15%2016 954 954 0 13,706 6.96%2017 1,015 1,015 0 13,943 7.28%


Wisconsin Retirement SystemSchedule of Investment Returns

Last Ten Calendar YearsAnnual Money-Weighted Rate of Return (IRR), Net of Investment Expenses

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008Core Trust Fund 15.85% 8.29% (0.63%) 5.44% 13.18% 13.40% 1.25% 11.92% 21.76% (26.31%)

Variable Trust Fund 23.27% 10.49% (1.11%) 7.24% 28.78% 16.94% (3.02%) 15.23% 33.06% (38.96%)

State Retiree Life InsuranceSchedules of Changes in Net OPEB Liability (Asset) and Related Ratios

(In Millions)Calendar Year Ended, December 31 2017

Total OPEB LiabilityService Cost $ 26.1Interest on the Total OPEB Liability 30.7Benefit Changes 0.0Difference between Expected and Actual Experience (5.3)Assumption Changes 49.0Benefit Payments (17.7)

Net Change in Total OPEB Liability 82.8

Total OPEB Liability - Beginning 762.6Total OPEB Liability - Ending (a) $ 845.5

Plan Fiduciary Net PositionEmployer Contributions 1.4Net Investment Income 11.5Benefit Payments (17.7)OPEB Plan Administrative Expense (0.6)

Net Change in Plan Fiduciary Net Position (5.4)

Plan Fiduciary Net Position - Beginning 357.4Plan Fiduciary Net Position - Ending (b) $ 352.0

Net OPEB Liability(Asset) - Ending (a) - (b) $ 493.5

Plan Fiduciary Net Position as a Percentage of TotalOPEB Liability 41.63%

Covered Employee Payroll $ 3,184.0

Net OPEB Liability(Asset) as a Percentage of CoveredEmployee Payroll 15.50%

Immaterial differences may exist between the amounts in this schedule and those reported in theStatement of Fiduciary Net Position


FINANCIAL SECTION

Local Retiree Life InsuranceSchedules of Changes in Net OPEB Liability (Asset) and Related Ratios

(In Millions)Calendar Year Ended, December 31 2017

Total OPEB LiabilityService Cost $ 18.1Interest on the Total OPEB Liability 19.8Benefit Changes 0.0Difference between Expected and Actual Experience (4.9)Assumption Changes 33.5Benefit Payments (7.3)

Net Change in Total OPEB Liability 59.2

Total OPEB Liability - Beginning 485.9Total OPEB Liability - Ending (a) $ 545.1

Plan Fiduciary Net PositionEmployer Contributions 2.1Net Investment Income 7.6Benefit Payments (7.3)OPEB Plan Administrative Expense (1.2)

Net Change in Plan Fiduciary Net Position 1.2

Plan Fiduciary Net Position - Beginning 243.1Plan Fiduciary Net Position - Ending (b) $ 244.2

Net OPEB Liability (Asset) - Ending (a) - (b) $ 300.9

Plan Fiduciary Net Position as a Percentage of Total OPEB Liability 44.81%

Covered Employee Payroll $ 4,205.3

Net OPEB Liability (Asset) as a Percentage of Covered EmployeePayroll 7.15%

Immaterial differences may exist between the amounts in this schedule and those reported in the Statementof Fiduciary Net Position

State and Local Retiree Life Insurance Plans Schedule of Investment Returns

Annual Money-Weighted Rate of Return, Net of Investment Expenses

2017State Retiree Life Insurance Plan

3.19%Local Retiree Life Insurance Plan

3.13%


NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

Significant methods and assumptions used in calculating Wisconsin Retirement SystemActuarially Determined Contributions:

Valuation Date: December 31, 2015Actuarial Cost Method: Frozen Entry AgeAmortization Method: Level Percent-Closed Amortization PeriodAmortization Period: 30 Year closed from date of participation in WRSAsset Valuation Method: Five Year Smoothed Market (Closed)Actuarial Assumptions

Net Investment Rate of Return: 5.5%Weighted based on assumed rate for:

Pre-retirement: 7.2%Post-retirement: 5.0%

Salary IncreasesInflation: 3.2%Seniority/Merit: 0.2% - 5.6%

Post-retirement Benefit Adjustments: 2.1*

*No post-retirement adjustment is guaranteed. Actual adjustments are based on recognized investment return, actuarial experience and other factors.2.1% is the assumed annual adjustment based on the investment return assumption and the post-retirement discount rate.


FINANCIAL SECTION

STATISTICAL SECTION

Wisconsin Retirement System (WRS) Statistics

Active Participants by Employment Category

Year General Teachers

Executives & Elected Officials

Protective Occupations With Social

Security

Protective Occupations

Without Social Security Totals

State Participants

2008 42,920 19,712 709 8,824 0 72,1652009 42,814 20,002 709 8,890 0 72,4152010 42,785 20,502 697 8,756 0 72,7402011 41,136 20,184 717 8,354 0 70,3912012 42,433 20,776 733 8,327 0 72,2692013 42,898 21,065 730 8,398 0 73,0912014 42,982 21,279 732 8,900 0 73,8932015 42,498 21,282 728 8,528 0 73,0362016 42,460 21,722 727 8,605 0 73,5142017 42,485 22,354 715 8,531 0 74,085

Local Participants

2008 96,273 82,520 744 11,292 2,727 193,5562009 97,489 82,516 744 11,389 2,740 194,8782010 97,175 81,866 733 11,354 2,761 193,8892011 93,797 78,348 720 11,280 2,718 186,8632012 92,122 77,938 687 11,083 2,734 184,5642013 91,422 77,995 679 10,856 2,745 183,6972014 90,900 78,339 677 10,703 2,743 183,3622015 90,887 77,979 668 10,773 2,734 183,0412016 91,383 78,128 642 10,863 2,755 183,7712017 90,622 78,384 636 10,934 2,752 183,328

Total Participants

2008 139,193 102,232 1,453 20,116 2,727 265,7212009 140,303 102,518 1,453 20,279 2,740 267,2932010 139,960 102,368 1,430 20,110 2,761 266,6292011 134,933 98,532 1,437 19,634 2,718 257,2542012 134,555 98,714 1,420 19,410 2,734 256,8332013 134,320 99,060 1,409 19,254 2,745 256,7882014 133,882 99,618 1,409 19,603 2,743 257,2552015 133,385 99,261 1,396 19,301 2,734 256,0772016 133,843 99,850 1,369 19,468 2,755 257,2852017 133,107 100,738 1,351 19,465 2,752 257,413


STATISTICAL SECTION

Total WRS Participants

Year Active InactiveAlternate

Payees AnnuitantsTotal

Participants

2008 265,721 143,471 3,837 144,033 557,0622009 267,293 144,424 3,929 150,671 566,3172010 266,629 145,803 4,012 155,775 572,2192011 257,254 153,123 4,063 167,453 581,8932012 256,833 155,887 4,086 173,655 590,4612013 256,788 153,721 4,040 180,056 594,6052014 257,255 157,072 4,051 185,605 603,9832015 256,077 161,851 4,111 191,795 613,8342016 257,285 163,145 4,046 197,647 622,1232017 257,413 167,996 4,093 203,300 632,802

Active Inactive Alternate Payees Annuitants

Total WRS Participants

700,000

600,000

500,000

400,000

300,000

200,000

100,000

0

#of

Part

icip

ants

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

COMPREHENSIVE ANNUAL FINANCIAL REPORT 2017 111STATISTICAL SECTION

WRS Participants with Variable Election

Year Active Inactive Annuitants Totals

2008 64,420 12,025 34,927 111,3722009 62,032 12,169 34,836 109,0372010 58,781 12,519 35,866 107,1662011 54,273 13,889 38,949 107,1112012 51,771 13,858 39,873 105,5022013 49,299 13,376 40,317 102,9922014 47,671 13,805 40,402 101,8782015 45,931 14,276 40,152 100,3592016 44,083 14,223 40,647 98,9532017 41,935 14,572 40,877 97,384

Active Inactive Annuitants

WRS Participants with Variable Election

120,000

100,000

80,000

60,000

40,000

20,000

0

#of

Part

icip

ants

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


STATISTICAL SECTION

Active WRS Participants by Gender

TeachersProtective

OccupationsAll Other

Participants TotalsYear Male Female Male Female Male Female Male Female

2008 32,256 69,976 18,715 4,128 49,535 91,111 100,506 165,2152009 32,228 70,290 18,862 4,157 49,542 92,214 100,632 166,6612010 32,155 70,213 18,744 4,127 49,563 91,827 100,462 166,1672011 30,784 67,748 18,374 3,978 47,829 88,541 96,987 160,2672012 30,983 67,761 18,278 3,866 47,836 88,109 97,097 159,7362013 30,979 68,115 18,354 3,840 47,908 87,592 97,241 159,5472014 30,949 68,669 18,337 4,009 48,155 87,136 97,441 159,8142015 30,621 68,640 18,094 3,941 47,971 86,810 96,686 159,3912016 30,708 69,142 18,192 4,031 47,913 87,299 96,813 160,4722017 30,915 69,823 18,128 4,089 47,975 86,483 97,018 160,395

Male Female

Active WRS Participants by Gender

300,000250,000200,000150,000100,000

50,0000

#of

Part

icip

ants

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


2008 2017

WRS Active Particpants by Age

10,0009,0008,0007,0006,0005,0004,0003,0002,0001,000

0

#of

Part

icip

ants

19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76

Age


STATISTICAL SECTION

WRS Covered Payroll by Employer Type(In Millions)

Local Employers

Year School Districts Counties CitiesTechnicalColleges Villages Towns Special Districts Totals

2008 4,802 1,511 1,194 547 215 58 134 8,461

2009 4,959 1,553 1,241 579 223 60 156 8,771

2010 5,037 1,530 1,229 596 225 60 165 8,842

2011 5,006 1,537 1,236 607 227 63 171 8,847

2012 4,906 1,526 1,226 611 228 66 177 8,740

2013 4,956 1,551 1,244 616 233 66 187 8,853

2014 5,042 1,591 1,287 603 238 69 188 9,018

2015 5,167 1,629 1,318 611 246 70 195 9,236

2016 5,199 1,656 1,340 615 252 73 210 9,345

2017 5,292 1,703 1,379 620 267 68 151 9,480

State Government Totals

Year State Agencies University Totals All Employers

2008 2,178 1,651 3,829 12,290

2009 2,161 1,690 3,851 12,622

2010 2,170 1,732 3,902 12,744

2011 2,126 1,746 3,872 12,719

2012 2,137 1,751 3,888 12,628

2013 2,212 1,820 4,032 12,885

2014 2,306 1,895 4,201 13,219

2015 2,372 1,922 4,294 13,530

2016 2,432 1,929 4,361 13,706

2017 2,496 1,967 4,463 13,943

Active Participants by Creditable Service

0 5,000 10,000 15,000 20,000 25,000

# of Participants

4037343128252219161310

741

Tota

lCre

dita

ble

Serv

ice


WRS Covered Payroll by Employment Category(In Millions)

Year General Employees Teachers

Executives & Elected Officials

Protective Occupations with

Social Security


without Social Security Totals

2008 5,367 5,534 102 1,105 182 12,2902009 5,492 5,704 104 1,132 190 12,6222010 5,504 5,809 105 1,136 190 12,7442011 5,485 5,797 105 1,139 193 12,7192012 5,496 5,707 107 1,122 196 12,6282013 5,638 5,809 109 1,129 200 12,8852014 5,815 5,923 111 1,163 207 13,2192015 5,951 6,064 112 1,191 212 13,5302016 6,045 6,118 112 1,217 214 13,7062017 6,135 6,230 111 1,248 219 13,943


STATISTICAL SECTION

General Executives & Elected Officials

Protective Occupations With Social Security Protective Occupations Without Social Security

Teachers

Average Annual Earnings

80,000

70,000

60,000

50,000

40,000

30,000

20,000

Earn

ings

$

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Average Annual Earnings


Executives & ElectedOfficials


With Social Security


Without Social Security Average

2008 37,465 52,498 68,917 54,051 65,987 44,9692009 38,145 54,143 69,572 55,045 68,671 46,0472010 38,216 55,135 70,191 55,564 68,087 46,5012011 38,874 55,546 69,699 56,451 69,590 47,0982012 39,379 55,902 72,824 56,448 70,402 47,5352013 40,422 56,480 74,996 57,294 71,460 48,4032014 41,750 57,569 74,312 57,999 74,051 49,6342015 42,669 58,864 74,252 59,881 76,045 50,7702016 43,268 59,133 74,838 60,733 76,942 51,2732017 44,114 59,814 76,059 62,127 79,274 52,162




Teachers

Average Creditable Service

15

14

13

12

11

10

9

Year

sof

Serv

ice

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Average Creditable Service


Executives & ElectedOfficials

Protective Occupations With Social

Security


Without Social Security Average

2008 10.6 12.1 12.9 11.5 13.6 11.32009 10.7 12.2 12.9 11.9 13.9 11.32010 10.8 12.3 13.1 12.3 14.0 11.52011 11.1 12.4 13.2 12.7 14.6 11.82012 11.1 12.4 13.7 12.8 14.5 11.82013 11.0 12.3 13.4 12.9 14.3 11.72014 10.9 12.4 13.8 12.8 14.4 11.72015 10.7 12.5 13.6 12.8 14.2 11.62016 10.5 12.5 13.8 12.6 14.1 11.52017 10.3 12.6 13.4 12.4 14.1 11.4


STATISTICAL SECTION



Teachers

Average Age

56

54

52

50

48

46

44

42

40

38

36

Age

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Average Age


Executives &ElectedOfficials

ProtectiveOccupationsWith Social

Security

ProtectiveOccupations

Without SocialSecurity Average

2008 46.8 43.7 54.1 39.5 40.4 45.02009 47.0 43.9 54.3 39.8 40.8 44.92010 47.2 44.0 54.8 40.2 41.0 45.42011 47.1 43.5 54.4 40.1 41.0 45.22012 47.1 43.5 54.5 40.2 41.0 45.22013 47.0 43.3 54.4 40.2 40.8 45.12014 46.9 43.3 54.8 40.2 40.8 45.02015 46.7 43.3 54.7 40.1 40.6 44.82016 46.5 43.2 54.9 39.8 40.6 44.72017 46.3 43.3 54.6 39.7 40.5 44.6


Active Participants by Employer Type

Local Employers

YearSchool

Districts Counties CitiesTechnicalColleges Villages Towns

SpecialDistricts Totals

2008 114,264 35,798 23,812 10,035 4,910 1,491 3,246 193,5562009 115,380 35,437 23,744 10,268 5,021 1,510 3,518 194,8782010 114,882 34,652 23,661 10,431 5,031 1,507 3,725 193,8892011 110,008 33,549 22,993 10,129 4,952 1,552 3,680 186,8632012 108,758 33,045 22,506 10,036 4,838 1,566 3,815 184,5642013 108,504 33,044 22,251 9,873 4,746 1,550 3,729 183,6972014 108,565 32,836 22,211 9,751 4,717 1,519 3,763 183,3622015 108,492 32,746 22,177 9,487 4,716 1,501 3,922 183,0412016 109,245 32,757 22,071 9,393 4,789 1,489 4,027 183,7712017 109,969 32,760 22,236 9,340 4,908 1,367 2,748 183,328

State Government TotalsYear State University Totals All Employers

2008 41,611 30,554 72,165 265,7212009 41,497 30,918 72,415 267,2932010 41,215 31,525 72,740 266,6292011 39,642 30,749 70,391 257,2542012 40,745 31,524 72,269 256,8332013 41,333 31,758 73,091 256,7882014 42,063 31,830 73,893 257,2552015 42,096 30,940 73,036 256,0772016 42,741 30,773 73,514 257,2852017 42,941 31,144 74,085 257,413


STATISTICAL SECTION

Number of Lump Sum Benefits Paid

Year Separation Death Retirement

2008 2,738 512 2,0892009 2,817 534 2,5712010 3,093 584 2,8962011 2,979 670 2,9292012 2,725 556 2,4032013 3,998 740 3,2812014 4,061 662 2,9872015 4,167 855 2,7102016 4,155 968 2,8322017 4,250 1,362 3,027

Separation Death Retirement

Number of Lump Sum Benefits Paid

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

#of

Bene

fits

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


Number of Annuities in Force

Year Retirement Disability^ Beneficiary Totals2008 136,502 6,397 1,134 144,0332009 143,261 6,224 1,186 150,6712010 148,380 6,194 1,201 155,7752011 160,044 6,201 1,208 167,4532012 165,966 6,473 1,216 173,6552013 172,430 6,393 1,233 180,0562014 177,959 6,363 1,283 185,6052015 184,180 6,305 1,310 191,7952016 190,111 6,198 1,338 197,6472017 195,762 8,532 1,349 205,643

^ Beginning in 2017, Disability count includes annuities inforce for the Long-Term Disability Insurance program.

Retirement Disability Beneficiary

Annuities in Force

250,000

200,000

150,000

100,000

50,000

0

#of

Ann

uiti

es

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


STATISTICAL SECTION

Number of New Annuities Approved

Year Retirement Disability^ Beneficiary Totals2008 8,165 174 61 8,4002009 7,779 156 73 8,0082010 8,330 159 69 8,5582011 15,096 196 60 15,3522012 9,322 183 67 9,5722013 9,889 146 70 10,1052014 9,080 125 69 9,2742015 9,881 124 57 10,0622016 9,866 98 62 10,0262017 9,591 327 42 9,960

^ Beginning in 2017, Disability count includes annuities inforce for the Long-Term Disability Insurance program.

Retirement Disability Beneficiary

New Annuities Approved

20,000

15,000

10,000

5,000

0

#of

Ann

uiti

es

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


2017 New Annuities All Annuities

Annuities by Payment Option

0 10,000 20,000 30,000 40,000 50,000 60,000

# of Annuities

100% Continued to One Beneficiary with 180 Month Guarantee

Life with 15 Year Guarantee

Straight Life

Life with 5 Year Guarantee

75% Continued to One Beneficiary

100% Continued to One Beneficiary

75% Continued to Original Annuitant or One Beneficiary upon Death or Either

Other

Average Monthly Annuities by Years of Service

Years of Service

0 - 5 5 - 10 10 - 15 15 - 20 20 - 25 25 - 30 30 - 35 35 - 40 40 - 45 Over 45

Average Monthly Annuity $ 458 $ 588 $ 838 $ 1,228 $ 1,783 $ 2,507 $ 3,124 $ 3,992 $ 5,399 $ 8,399

Average Final Average Salary $ 23,774 $ 33,405 $ 38,835 $ 45,993 $ 52,158 $ 57,086 $ 59,155 $ 60,615 $ 64,023 $ 65,951

Number of Annuitants 6,724 17,340 21,391 23,849 25,898 29,748 39,473 15,189 2,464 1 243

Annuities by Type of BenefitType of Annuity Annuity Payment Option

MonthlyAnnuityAmount

Total Number ofAnnuities Retirement Disability^ Beneficiary Life Annuity

Life withGuarantee Joint Survivor Other^

$ 0 - 500 27,865 26,683 666 516 4,718 11,171 11,892 84

$ 500 - 1,000 32,938 30,878 1,424 636 5,779 11,884 14,764 511

$ 1,000 - 1,500 29,292 27,105 1,837 350 4,300 9,485 14,678 829

$ 1,500 - 2,000 26,699 24,881 1,642 176 3,369 7,828 14,842 660

$ 2,000 - 2,500 25,320 23,980 1,220 120 2,905 6,888 15,222 305

$ 2,500 - 3,000 21,587 20,747 746 94 2,518 5,721 13,236 112

$ 3,000 - 3,500 15,988 15,402 500 86 1,934 4,075 9,935 44

$ 3,500 - 4,000 11,018 10,686 279 53 1,290 2,781 6,939 8

$ 4,000 - 4,500 7,126 6,945 155 26 892 1,692 4,538 4

$ 4,500 - 5,000 4,604 4,509 76 19 499 1,087 3,016 2

Over $ 5,000 8,146 8,031 56 59 987 1,763 5,382 14

Total 210,583 199,847 8,601 2,135 29,191 64,375 114,444 2,573

^ Includes annuities in force for the Long Term Disability Insurance program.


STATISTICAL SECTION

Revenues by Source (1)

(In Thousands)

Employee Contributions (2) Employer Contributions (3)

Year Dollars% of Annual

Payroll Dollars% of Annual

PayrollInvestment

IncomeOther

Income Total Revenues

2008 736,149 6.0% 683,520 5.6% (22,744,110) 1,618 (21,322,822)

2009 736,689 5.8% 705,997 5.6% 13,024,986 1,117 14,468,790

2010 787,460 6.2% 750,702 5.9% 8,317,435 990 9,856,588

2011 797,856 6.3% 789,244 6.2% 664,151 849 2,252,100

2012 757,151 6.0% 799,350 6.3% 9,858,710 678 11,415,889

2013 871,260 6.8% 914,698 7.1% 11,343,231 532 13,129,721

2014 906,499 6.9% 1,023,197 7.7% 4,888,240 642 6,818,578

2015 937,225 6.9% 977,734 7.2% (674,988) 248 1,240,219

2016 921,864 6.7% 963,122 7.0% 7,271,531 341 9,156,858

2017 965,453 6.9% 1,017,559 7.3% 14,868,726 5,558 16,857,296

1 Employee required contributions made in accordance with statutory requirements. Employer required contributions weremade in accordance with actuarially-determined contribution requirements.

2 Employee contributions include all employee required, employee additional and benefit adjustment contributions, includingthose paid by the employer on behalf of the employee.

3 Employer contributions include all employer required contributions, including contributions for unfunded actuarial accruedliability.

Employee Contributions Employer Contributions Investment Income

Revenues by Source

20

15

10

5

0

-5

-10

-15

-20

-25

-30

Billi

ons

$

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


Expenses by Type(In Millions)

Age and Service Benefits

Year Retirees BeneficiariesDisabilityBenefits^

DeathBenefits

SeparationBenefits

AdministrativeExpense

OtherBenefit

Expense Total Expenses

2008 3,627.5 17.2 $ 149.1 $ 28.8 $ 27.4 $ 19.1 $ 0.0 $ 3,869.0

2009 3,609.6 17.4 146.3 24.4 24.8 20.9 0.0 3,843.3

2010 3,683.2 17.2 145.2 29.1 26.4 17.6 0.0 3,918.7

2011 3,941.6 17.8 144.4 33.1 28.0 18.6 0.0 4,183.5

2012 4,023.8 18.2 141.5 24.8 26.6 21.5 0.0 4,256.4

2013 4,035.5 18.2 132.9 38.0 33.3 22.9 0.0 4,280.8

2014 4,309.0 19.5 135.9 33.5 34.4 24.0 42.3 4,598.6

2015 4,587.3 20.7 140.5 31.8 37.6 22.7 43.3 4,883.9

2016 4,759.2 21.5 140.5 30.4 39.3 20.4 71.3 5,082.6

2017 4,972.5 21.8 185.7 31.3 38.4 26.1 0.0 5,275.8

^ Beginning in 2017, balance includes expenses related to Long-Term Disability Insurance program

Principal Participating EmployersCurrent Year and Nine Years Ago

2017 2008

Participating Government Covered

Employees Rank

Percentage ofTotal

System Covered

Employees Ran

k

Percentage ofTotal

System

State of Wisconsin 74,085 1 28.8% 72,165 1 27.2%

Milwaukee Teachers Retirement System 5,917 2 2.3 6,931 2 2.6

Madison Metro School District 4,547 3 1.8 4,187 3 1.6

Green Bay Area School District 2,980 4 1.2 2,894 6 1.1

City of Madison 2,955 5 1.1 2,981 4 1.1

Kenosha Unified School District 2,777 6 1.1 2,970 5 1.1

Racine Unified School District 2,749 7 1.1 2,717 7 1.0

Dane County 2,406 8 0.9 2,338 8 0.9

Appleton Area School District 1,911 9 0.7 1,723 10 0.6

Milwaukee Area Technical College 1,641 10 0.6 1,911 9 0.7

All Other 155,445 60.4 164,904 62.1

Total (1,499 employers) 257,413 100.0% 265,721 100.0%


STATISTICAL SECTION

Group Health Insurance Program StatisticsHealth Insurance Contracts

Annuitants

YearActive

Employees Continuants*Annuity

DeductionSick Leave

ConversionDirectPay^

TotalRetired Totals

State

2008 71,925 0 9,433 10,825 0 20,258 92,1832009 71,924 590 11,112 11,288 0 22,400 94,9142010 72,313 478 9,179 11,788 1,732 22,699 95,4902011 70,656 378 9,126 14,157 1,727 25,010 96,0442012 69,650 430 9,146 14,398 1,827 25,371 95,4512013 69,772 367 9,187 14,701 1,777 25,665 95,8042014 70,219 178 8,913 15,074 1,823 25,810 96,2072015 68,964 160 8,903 15,800 1,664 26,367 95,4912016 68,463 180 8,550 16,453 1,568 26,571 95,2142017 68,864 170 8,359 16,824 1,509 26,692 95,726

Local

2008 12,159 0 1,873 n/a 0 1,873 14,032

2009 12,398 88 2,557 n/a 0 2,557 15,043

2010 12,700 89 2,258 n/a 225 2,483 15,272

2011 12,826 86 2,284 n/a 236 2,520 15,432

2012 12,679 80 2,366 n/a 229 2,595 15,354

2013 12,749 80 2,295 n/a 253 2,548 15,377

2014 12,890 43 2,283 n/a 252 2,535 15,468

2015 12,957 47 2,164 n/a 238 2,402 15,406

2016 12,812 37 2,003 n/a 205 2,208 15,057

2017 11,640 46 1,800 n/a 187 1,987 13,673

*This data unavailable prior to 2009

^This data unavailable prior to 2010

State Employees Local Employees Annuitants

Health Insurance Contracts*

120,000

100,000

80,000

60,000

40,000

20,000

0

#of

Cont

ract

s

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

*For display purposes, state and local continuants were statistically insignificant and therefore not included in this chart.


Group Health Insurance Program Premiums by Source(In Thousands)

Year EmployerEmployee

(1) AnnuitantSick Leave

Conversion Medicare StabilizationLife

Insurance Totals

State2008 834,363 51,160 60,171 92,434 10,713 26 0 1,048,8672009 965,386 n/a 63,453 100,390 11,909 25 95 1,141,2582010 1,067,164 n/a 72,861 111,676 11,864 0 390 1,263,9542011 1,112,382 n/a 73,166 130,840 11,733 0 464 1,328,5852012 1,034,066 n/a 61,495 130,154 17,865 0 412 1,243,9932013 1,082,211 n/a 64,201 133,809 19,438 0 485 1,300,1442014 1,128,667 n/a 67,624 141,449 18,633 0 640 1,357,0132015 1,173,419 n/a 71,537 155,688 23,053 0 681 1,424,3782016 1,113,654 n/a 73,035 166,994 24,767 0 845 1,379,2952017 1,130,698 n/a 75,086 171,961 20,339 0 797 1,398,881

Local2008 137,141 7,398 12,021 n/a 467 1 0 157,0282009 167,907 n/a 13,324 n/a 461 1 0 181,6932010 189,480 n/a 15,362 n/a 574 0 3 205,4192011 205,211 n/a 14,700 n/a 427 0 0 220,3382012 198,476 n/a 13,926 n/a 1,846 0 0 214,2482013 206,812 n/a 14,746 n/a 2,047 0 0 223,6052014 219,413 n/a 14,969 n/a 1,808 0 3 236,1932015 222,514 n/a 14,918 n/a 2,051 0 4 239,4872016 222,052 n/a 14,452 n/a 1,982 0 9 238,4952017 195,553 n/a 13,771 n/a 1,835 0 1 211,160

Local Annuitants2008 0 n/a 856 n/a 0 0 3 8592009 0 n/a 958 n/a 0 0 4 9622010 0 n/a 1,045 n/a 0 0 4 1,0492011 0 n/a 985 n/a 0 0 2 9872012 0 n/a 1,085 n/a 0 0 3 1,0882013 0 n/a 1,097 n/a 0 0 3 1,1002014 0 n/a 969 n/a 0 0 3 9722015 0 n/a 865 n/a 0 0 2 8672016 0 n/a 742 n/a 0 0 0 7422017 0 n/a 688 n/a 0 0 0 688

(1) Beginning in 2009 the employee paid portion of active participant health insurance premiums is no longer identifiable.


STATISTICAL SECTION

Group Life Insurance Program StatisticsLife Insurance Premiums Collected

(In Thousands)

Employee Employer Totals

Year Basic Suppl AdditionalSpouse &

Dependent Total Basic Suppl Total

State2008 6,600 4,861 6,585 1,039 19,085 3,161 1,312 4,473 23,5582009 7,074 5,198 7,409 1,053 20,734 3,408 1,408 4,816 25,5502010 7,363 5,404 7,834 1,253 21,854 3,519 1,453 4,971 26,8262011 7,302 4,577 7,248 1,275 20,402 3,488 1,180 4,668 25,0702012 6,285 4,557 6,758 1,233 18,833 2,873 1,204 4,078 22,9112013 6,235 4,513 7,008 1,222 18,978 2,926 1,222 4,148 23,1252014 6,323 4,573 7,351 1,217 19,465 3,028 1,262 4,290 23,7552015 6,412 4,625 7,639 1,204 19,880 3,071 1,275 4,346 24,2262016 6,519 4,688 7,912 1,193 20,312 3,074 1,271 4,345 24,6572017 6,573 4,700 8,156 1,202 20,631 3,106 1,274 4,380 25,011

Local2008 10,352 2,337 6,747 1,337 20,773 2,868 71 2,939 23,7122009 10,573 2,540 7,224 1,342 21,679 3,185 17 3,201 24,8812010 10,950 2,642 7,636 1,329 22,558 3,247 53 3,300 25,8582011 10,933 2,702 7,761 1,298 22,694 3,250 54 3,304 25,9972012 10,612 2,692 7,666 1,248 22,218 3,319 51 3,370 25,5882013 10,497 2,736 7,575 1,216 22,024 3,264 17 3,281 25,3052014 10,561 2,789 7,737 1,209 22,296 3,317 16 3,334 25,6292015 10,640 2,897 7,992 1,196 22,725 3,495 18 3,513 26,2382016 10,976 3,072 8,312 1,191 23,551 3,576 19 3,595 27,1462017 10,973 3,127 8,517 1,185 23,802 3,682 21 3,703 27,505


Group Life Insurance In Force(In Thousands)

Pre-Retirement

Year Basic Supplemental AdditionalPost-

RetirementSpouse &

Dependent Totals

State

2008 3,101,958 2,267,825 2,897,834 348,802 594,715 9,211,1342009 3,288,721 2,401,767 3,175,970 371,715 605,205 9,843,3782010 3,302,757 2,410,238 3,247,085 396,600 601,900 9,958,5802011 3,296,564 2,385,886 3,250,843 449,897 567,755 9,950,9452012 3,231,871 2,321,576 3,258,782 493,214 561,610 9,867,0532013 3,327,163 2,387,599 3,424,431 536,246 562,840 10,238,2792014 3,392,305 2,431,610 3,563,096 581,765 570,825 10,539,6012015 3,449,798 2,462,720 3,673,851 628,843 566,585 10,781,7972016 3,592,964 2,537,127 3,870,341 685,322 568,225 11,253,9792017 3,690,966 2,594,857 4,008,538 735,296 559,785 11,589,442

Local

2008 3,998,963 1,157,300 3,369,883 230,296 895,485 9,651,9272009 4,173,626 1,237,027 3,614,168 247,986 897,225 10,170,0322010 4,280,427 1,296,473 3,809,183 263,635 882,590 10,532,3082011 4,303,919 1,364,577 3,903,476 296,558 852,035 10,720,5652012 4,182,413 1,346,900 3,801,144 339,426 819,980 10,489,8632013 4,340,129 1,412,278 4,146,681 369,512 810,265 11,078,8652014 4,440,538 1,458,009 4,263,886 401,639 805,950 11,370,0222015 4,537,463 1,534,501 4,408,995 433,245 807,400 11,721,6042016 4,706,013 1,620,126 4,609,255 472,046 803,760 12,211,2002017 4,747,370 1,646,364 4,718,591 509,136 795,935 12,417,396


STATISTICAL SECTION

Group Life Insurance Program Paid Claims(In Thousands)

Pre-Retirement

Year Life AD&D DisabilityPost-

RetirementSpouse &

DependentLiving

Benefits (1) Totals

State2008 12,438 948 1,834 8,688 1,182 365 25,4552009 13,567 1,152 1,697 9,300 1,116 314 27,1462010 14,356 893 1,496 10,473 959 162 28,3392011 16,749 1,285 1,184 9,881 1,241 1,211 31,5512012 17,137 1,260 1,343 12,040 1,027 1,185 33,9922013 17,179 284 323 12,894 1,309 252 32,2412014 13,243 1,314 1,512 14,772 1,091 792 32,7242015 14,302 45 6 14,180 887 1,111 30,5312016 19,808 935 (475) 13,897 966 894 36,0252017 15,337 736 (955) 16,168 842 1,089 33,217

Local2008 15,929 1,286 578 4,439 1,617 296 24,1452009 12,408 444 1,070 5,552 1,540 240 21,2542010 16,512 1,513 943 5,954 1,458 1,332 27,7122011 14,646 1,188 1,215 6,141 1,633 81 24,9042012 13,704 788 1,175 6,588 1,180 655 24,0902013 14,456 1,305 6 7,415 1,331 37 24,5502014 13,195 1,468 1,484 7,337 1,246 928 25,6582015 16,181 1,225 611 8,705 1,051 1,165 28,9382016 13,216 743 1,245 8,954 1,202 504 25,8642017 12,846 486 (245) 8,993 1,031 764 23,875

1 Living Benefits may originate as Pre-Retirement, Post-Retirement or Spouse & Dependent Benefits

State Local

Group Life Insurance Program Paid Claims

40.0

30.0

20.0

10.0

0.0

$(T

hous

ands

)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


Life Insurance Program Contracts and Participants

Pre-RetirementPost-

RetirementSpouse &

DependentTotal

ContractsTotal

ParticipantsYear Basic Suppl Addl

State

2008 58,668 42,246 26,444 15,431 24,796 167,585 74,099

2009 59,045 42,467 26,959 16,034 25,145 169,650 75,079

2010 58,070 41,840 26,805 16,584 25,008 168,307 74,654

2011 57,673 41,247 26,503 17,847 23,446 166,716 75,520

2012 56,773 40,243 26,288 18,921 23,153 165,378 75,694

2013 56,516 39,940 26,297 20,025 23,203 165,981 76,541

2014 56,652 39,958 26,237 21,168 23,478 167,493 77,820

2015 56,194 39,441 26,120 22,396 23,309 167,460 78,590

2016 58,073 40,135 27,009 23,767 23,393 172,377 81,840

2017 58,470 40,611 27,337 24,973 23,020 174,411 83,443

Local

2008 87,150 24,444 34,430 20,912 36,905 203,841 108,062

2009 87,616 25,128 35,114 21,787 36,940 206,585 109,403

2010 86,828 25,336 35,257 22,671 36,340 206,432 109,499

2011 85,714 26,155 34,768 23,956 35,036 205,629 109,670

2012 83,863 26,053 33,833 25,573 33,704 203,026 109,436

2013 83,519 26,111 35,166 27,049 33,297 205,142 110,568

2014 83,887 26,288 35,241 28,634 33,117 207,167 112,521

2015 84,087 27,065 35,355 30,209 33,230 209,946 114,296

2016 86,252 28,163 36,194 31,927 32,810 215,346 118,179

2017 85,914 28,258 36,167 33,644 32,786 216,769 119,558

State Local

Life Insurance Contracts

250,000

200,000

150,000

100,000

50,000

0

#of

Cont

ract

s

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


STATISTICAL SECTION

Duty Disability Insurance Statistics(In Millions)

Year EmployersActive

Participants DisabilitantsBenefit

Payments ContributionsAverage

Contribution Rate

2008 500 22,843 836 $27 $51 3.93%2009 502 23,019 839 $29 $52 3.89%2010 504 22,871 938 $30 $52 3.91%2011 503 22,352 957 $30 $53 3.98%2012 501 22,144 964 $30 $53 4.02%2013 512 21,976 973 $31 $54 4.06%2014 506 22,346 990 $32 $9 0.70%2015 497 22,035 1,002 $33 $9 0.64%2016 496 22,223 1,007 $34 $4 0.28%2017 495 22,217 1,014 $43 $9 0.61%

Funded Status(In Millions)

Year Assets Liabilities*

Unfunded (Overfunded)

LiabilityPercentFunded

CoveredPayroll

UAAL as % of CoveredPayroll

2008 $355.5 $471.7 $116.2 75.4% $1,286.7 9.0%2009 $392.4 $471.7 $79.3 83.2% $1,322.5 6.0%2010 $432.1 $512.8 $80.7 84.3% $1,326.3 6.1%2011 $461.6 $499.0 $37.4 92.5% $1,332.7 2.8%2012 $494.1 $477.0 $(17.1) 103.6% $1,318.3 (1.3)%2013 $568.9 $507.1 $(61.8) 112.2% $1,328.2 (4.7)%2014 $567.2 $513.2 $(54.0) 110.5% $1,370.7 (3.9)%2015 $592.8 $448.1 $(144.7) 132.3% $1,401.3 (10.3)%2016 $603.8 $523.2 $(80.6) 115.4% $1,430.8 (5.6)%2017 * $641.4 $464.8 $(176.6) 138.0% $1,467.6 (12.0)%

UAAL = Unfunded Actuarial Accrued Liability

*Beginning in 2017, Duty Disability Insurance is reported as an enterprise fund following GASB StatementNo. 10. This resulted in a change in the way the actuarial liability is calculated compared to prior years.


Assets Liabilities Percent Funded

Duty Disability Funding

700

600

500

400

300

200

100

0

Mill

ions

$

140%

120%

100%

80%

60%

40%

20%

0%

%Fu

nded

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Duty Disability Insurance Principal Participating EmployersCurrent Year and Nine Years Ago

2017 2008ParticipatingGovernment

CoveredEmployees Rank

Percentage of Total System

CoveredEmployees Rank

Percentage of Total System

State of Wisconsin 8,532 1 38.4% 8,824 1 38.6%City of Madison 864 2 3.8% 760 2 3.3%Dane County 438 3 2.0% 452 3 2.0%City of Green Bay 378 4 1.7% 354 4 1.5%City of Kenosha 347 5 1.6% 343 5 1.5%City of Racine 324 6 1.5% 333 6 1.5%City of West Allis 218 7 1.0% 243 8 1.1%City of Waukesha 216 8 1.0% 212 9 0.9%City of Oshkosh 205 9 0.9% 201 11 0.9%City of Janesville 202 10 0.9% 188 10 0.8%

All Other 10,493 47.2% 10,933 47.9%Total (495 employers) 22,217 100.0% 22,843 100.0%


STATISTICAL SECTION

Duty Disability Annuities by Type of Benefit

Type of Annuity

Monthly Benefit Amount

Number of Annuitants Disability Beneficiary

$ 0 - 500 26 26 0

$ 500 - 1,000 65 48 17

$ 1,000 - 1,500 70 65 5

$ 1,500 - 2,000 108 106 2

$ 2,000 - 2,500 104 96 8

$ 2,500 - 3,000 89 85 4

$ 3,000 - 3,500 134 127 7

$ 3,500 - 4,000 100 96 4

$ 4,000 - 4,500 90 88 2

$ 4,500 - 5,000 93 93 0

Over $ 5,000 81 77 4

Total 960 907 53

* This table excludes annuitants whose benefit is totally offset by other income sources.

Duty Disability InsuranceAverage Monthly Benefit by Years of Service

Years of Service

0 - 5 5 - 10 10 - 15 15 - 20 20 - 25 25 - 30 30 - 35

Average Monthly Annuity $ 3,342 $ 3,785 $ 3,467 $ 3,039 $ 2,312 $ 1,689 $ 2,020

Average Final Average Salary $ 2,537 $ 3,434 $ 3,657 $ 3,874 $ 3,951 $ 4,436 $ 3,846

Number of Annuitants 51 169 206 256 198 75 5

* This table excludes annuitants for whom years of service data is not available


Local Income Continuation Insurance Statistics($ In Millions)

Year Members Claims Assets Liabilities

Unfunded(Overfunded)

LiabilityFunded

Ratio

Local2008 7,837 67 $25.9 $3.9 $(22.0) 664.1%2009 8,229 87 $28.2 $4.0 $(24.2) 705.0%2010 7,964 75 $30.6 $4.2 $(26.4) 728.6%2011 7,878 93 $31.9 $5.1 $(26.8) 625.5%2012 7,593 90 $31.6 $5.7 $(25.9) 554.4%2013 8,344 130 $33.4 $5.2 $(28.2) 642.3%2014 8,463 118 $35.1 $4.1 $(31.0) 856.1%2015 8,597 137 $36.3 $4.7 $(31.6) 772.3%2016 8,710 149 $37.5 $5.4 $(32.1) 694.4%2017 8,431 129 $39.0 $5.7 $(33.3) 684.2%


Local Income Continuation Insurance Funding

40

35

30

25

20

15

10

5

0

Mill

ions

$

900%

800%

700%

600%

500%

400%

300%

200%

100%

0%

%Fu

nded

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


STATISTICAL SECTION

State Income Continuation Insurance Statistics($ In Millions)

Year Members Claims Assets Liabilities

Unfunded (Overfunded)

Liability Funded Ratio

State

2008 55,908 1,419 $60.5 $72.8 $12.3 83.1%

2009 56,596 1,399 $59.4 $69.0 $9.6 86.1%

2010 56,068 1,415 $59.3 $70.3 $11.0 84.4%

2011 52,573 1,545 $54.6 $83.7 $29.1 65.2%

2012 53,488 1,663 $50.7 $76.6 $25.9 66.2%

2013 51,692 1,648 $51.4 $85.9 $34.5 59.8%

2014 51,379 1,645 $50.8 $78.8 $28.0 64.5%

2015 49,769 1,581 $49.4 $82.5 $33.1 59.9%

2016 49,724 1,434 $52.6 $88.0 $35.4 59.8%

2017 51,295 1,413 $61.3 $87.0 $25.7 70.5%


State Income Continuation Insurance Funding

100908070605040302010

0

Mill

ions

$

120%

100%

80%

60%

40%

20%

0%

%Fu

nded

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


Employee Reimbursement Accounts Program StatisticsSalary Reductions and Claims

Medical Dependent Care

Year AccountsSalary

Reductions Claims Forfeitures Carryover AccountsSalary

Reductions Claims Forfeitures

2008 10,922 14,372,252 14,178,505 193,747 0 2,186 8,934,444 8,854,653 79,791

2009 10,975 14,455,388 14,243,697 211,691 0 2,211 8,948,891 8,860,082 88,810

2010 11,428 14,690,079 14,496,161 193,918 0 2,166 8,737,997 8,668,217 69,780

2011 10,723 13,498,149 13,373,269 124,880 0 2,133 8,476,558 8,420,493 56,065

2012 12,373 15,948,452 15,828,849 119,603 0 2,245 8,911,658 8,847,562 64,096

2013 12,956 15,149,278 14,922,337 226,941 0 2,469 9,750,422 9,675,871 74,551

2014 13,370 16,163,180 15,911,661 251,519 0 2,672 10,496,707 10,398,333 98,374

2015 14,496 17,522,880 17,363,053 159,827 922,961 2,964 11,258,100 11,063,383 194,717

2016 17,562 21,212,300 20,278,280 235,481 1,621,500 3,284 12,668,920 12,440,766 228,154

2017 19,102 22,051,502 21,521,725 281,232 1,870,045 3,343 12,996,661 12,761,819 234,842

Medical Dependent

Salary Reductions

$25$20$15$10

$5$0

Mill

ions

$

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Administrative Funding

Receipts Expenses

Year Fees Interest Forfeitures Totals Administrator State Total Surplus / (Deficit)

2008 396,608 144,012 273,538 814,158 601,120 118,127 719,247 94,911

2009 409,931 28,172 300,500 738,603 603,121 123,055 726,176 12,427

2010 430,071 9,449 263,698 703,218 709,032 117,967 826,999 (123,781)

2011 427,725 10,435 180,945 619,105 681,803 111,024 792,827 (173,722)

2012 418,251 7,260 183,699 609,210 753,307 226,690 979,997 (370,787)

2013 500,554 3,910 301,492 805,956 786,888 230,327 1,017,215 (211,259)

2014 671,414 3,685 349,893 1,024,992 847,955 388,875 1,236,830 (211,838)

2015 667,768 5,371 354,544 1,027,683 516,225 246,118 762,343 265,340

2016 536,844 8,647 463,635 1,009,126 592,241 398,038 990,279 18,847

2017 566,568 67,035 516,074 1,149,677 644,467 277,945 922,412 227,265


STATISTICAL SECTION

Administrative Expense StatisticsAdministrative Expenses

(In Thousands)

Third Party Administrator Contracts

Year ETF

Expenses #Investment

Expenses ERA Commuter

Benefits Health Dental* Wellness^ Pharmacy ICI LTDI Deferred

CompTotal

Administration

2008 25,682 226,364 601 94 2,183 0 0 10,427 1,859 912 2,440 270,659

2009 28,449 230,129 603 94 2,244 0 0 9,717 1,348 1,764 2,548 277,012

2010 25,446 245,806 709 79 2,461 0 0 13,379 1,525 1,616 2,659 295,943

2011 28,775 241,413 682 77 2,264 0 0 9,056 1,449 1,692 2,639 287,935

2012 31,500 290,608 753 73 2,235 0 0 12,413 1,455 1,777 2,160 343,630

2013 33,514 362,011 787 87 2,286 0 0 8,756 1,419 1,881 2,484 413,526

2014 36,355 356,811 848 94 2,874 0 0 10,700 5,026 13,189 2,890 426,916

2015 32,795 350,036 516 60 2,938 0 0 10,779 1,508 3,104 3,126 413,579

2016 36,647 391,427 592 55 3,149 1,190 0 10,683 2,380 5,571 1,999 452,812

2017 43,052 487,384 645 22 3,342 1,212 7,738 10,593 1,231 2,170 2,966 560,355

*This data unavailable prior to 2016

^This data unavailable prior to 2017

# Beginning in 2017, ETF Expenses include the change in the actuarial accrued liability related to loss adjustment expense for the Duty Disability program

Administrative Expenses per Participant

Employee Trust Funds # Investment ExpensesThird Party

Administrators Total Administration

Year Participants Amount($000's)

PerParticipant

Amount($000's)

PerParticipant

Amount($000's)

PerParticipant

Amount($000's)

PerParticipant

2008 557,062 25,779 46.3 226,364 406.4 18,516 33.2 270,659 485.9

2009 566,317 28,565 50.4 230,129 406.4 18,318 32.3 277,012 489.1

2010 572,219 27,709 48.4 245,806 429.6 22,428 39.2 295,943 517.2

2011 581,893 28,664 49.3 241,413 414.9 17,859 30.7 287,936 494.8

2012 590,461 32,154 54.5 290,608 492.2 20,867 35.3 343,629 582.0

2013 594,605 33,817 56.9 362,011 608.8 17,699 29.8 413,527 695.5

2014 603,983 34,484 57.1 356,811 590.8 35,621 59.0 426,916 706.8

2015 613,834 41,512 67.6 350,036 570.2 22,031 35.9 413,579 673.8

2016 622,123 35,766 57.5 391,427 629.2 25,619 41.2 452,812 727.8

2017 632,802 43,052 68.0 487,384 770.2 29,919 47.3 560,355 885.5

# Beginning in 2017, ETF Expenses include the change in the actuarial accrued liability related to loss adjustment expense for the Duty Disability program


Employee Trust Funds Expenses Third Party Administrator Expenses

Investment Expenses

Administrative Expenses per Participant

800

700

600

500

400

300

200

100

02008 2009 2010 2011 2012 2013 2014 2015 2016 2017


STATISTICAL SECTION

ACTUARIAL SECTION

July 16, 2018

Employee Trust Funds Board C/o ETF P.O. Box 7931 Madison, Wisconsin 53707-7931

Re: Wisconsin Retirement System (WRS) Actuarial Valuation as of December 31, 2017

Ladies and Gentlemen:

The basic financial objective of the WRS is to establish and receive contributions which:

When expressed in terms of percents of active member payroll, will remainapproximately level from generation-to-generation; and

When combined with present assets and future investment return, will be sufficient tomeet the financial obligations of WRS to present and future retirees and beneficiaries.

The purpose of the valuation was to determine contribution rates for the 2019 fiscal year. The valuation should not be relied upon for any other purpose. The valuation process develops contribution rates that are sufficient to fund the plan’s normal cost (i.e., the costs assigned by the valuation method to the year of service about to be rendered), as well as to fund unfunded actuarial accrued liabilities as a level percent of active member payroll over a finite period. The valuations were completed based upon population data, asset data, and plan provisions in effect on December 31, 2017. Note that GRS also prepares separate financial reporting information for accounting purposes.

The valuation was based upon information, furnished by the plan’s administrative staff, concerning Retirement System benefits, financial transactions, and individual members, terminated members, retirees and beneficiaries. We checked the data for internal and year-to-year consistency, but did not audit the data. As a result, we do not assume responsibility for the accuracy or completeness of the data provided.

The actuary prepared the following supporting schedules for the Comprehensive Annual Financial Report:

Percent Increase in Salaries Single Life Retirement Values Rates of Retirement for Those Eligible to Retire Early Retirement Pattern Percentage of Active Members Withdrawing (Select and Ultimate) Percentage of Active Members becoming Disabled Solvency Test Summary of Accrued and Unfunded Accrued Liabilities


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Employee Trust Funds Board July 16, 2018 Page 2

Assets are valued on a statutory market related basis that recognizes assumed return fully each year and spreads each year’s gain or loss above or below assumed return over a closed five-year period.

Actuarial valuations are based upon assumptions regarding future activity in specific risk areas including the rates of investment return and payroll growth, eligibility for the various classes of benefits, and longevity among retired lives. The Board adopts these assumptions after considering the advice of the actuary and other professionals. The assumptions and the methods are in conformity with generally accepted actuarial principles and practices, and with the Actuarial Standards of Practice issued by the Actuarial Standards Board. Each actuarial valuation takes into account all prior differences between actual and assumed experience in each risk area and adjusts the contribution rates as needed. The December 31, 2017 valuations were based upon assumptions that were recommended in connection with a study of experience covering the 2012-2014 period. Future actuarial measurements may differ significantly from those presented in the valuations due to such factors as experience differing from that anticipated by actuarial assumptions, changes in plan provision, actuarial assumptions/methods or applicable law. Due to the limited scope of the assignment, we did not perform an analysis of the potential range of future measurements. Readers desiring a more complete understanding of the actuarial condition of the WRS are encouraged to obtain and read the complete valuation reports. The material in the Actuarial Section and Financial Section of this CAFR contains some, but not all, of the information in the valuation reports.

Based upon the results of the December 31, 2017 valuations, we are pleased to report to the Board that the Wisconsin Retirement System is meeting its basic financial objective and continues to operate in accordance with actuarial principles of level percent of payroll financing.

Brian B. Murphy, Mark Buis, and James D. Anderson are Members of the American Academy of Actuaries (MAAA), and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein.

Respectfully submitted,

Brian B. Murphy, FSA, EA, FCA, MAAA

Mark Buis, FSA, EA, FCA, MAAA

James D. Anderson, FSA, EA, FCA, MAAA

BBM/MB/JDA:wp


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WISCONSIN RETIREMENT SYSTEMACTUARIAL STATEMENT OF ASSETS AND LIABILITIES

(In Millions)

December 31, 2017 December 31, 2016Increase

(Decrease)Assets and Employer Obligations

Net AssetsCash, Investments & ReceivablesLess: Payables & Suspense Items

Core Division 92,730.6 88,484.6 4,246.0Variable Division 8,071.9 6,911.5 1,160.4

Totals 100,802.5 95,396.1 5,406.4

Obligations of EmployersUnfunded Accrued Liability 16.8 17.8 (1.0)

Total Assets 100,819.3 95,413.9 5,405.4

Reserves and SurplusReserves

Actuarial Present Value of ProjectedBenefits Payable to Terminated VestedParticipants and Active Members:

Member Normal Contributions 18,237.3 17,177.6 1,059.7Member Additional Contributions 197.1 184.0 13.1Employer Contributions 23,160.0 22,288.3 871.7

Total Contributions 41,594.4 39,649.9 1,944.5

Actuarial Present Value of ProjectedBenefits Payable to Current Retirees andBeneficiaries:

Core Annuities 53,590.0 50,941.4 2,648.6Variable Annuities 3,682.1 3,645.1 37.0

Total Annuities 57,272.1 54,586.5 2,685.6

Total Reserves 98,866.5 94,236.4 4,630.1

SurplusCore Annuity Reserve Surplus 1,310.0 1,030.6 279.4Variable Annuity Reserve Surplus 642.8 146.9 495.9

Total Surplus 1,952.8 1,177.5 775.3

Total Reserves and Surplus 100,819.3 95,413.9 5,405.4


ACTUARIAL SECTION

SUMMARY OF WRS BENEFIT PROVISIONS

Normal Retirement EligibilityThe age a participant becomes eligible for an unreduced age and service annuity is:

GeneralProtective

OccupationExecutive &

Elected ^

Age Service Age Service Age Service65 Any * 54 Any* 62 Any*57 30 53 25 57 30

*Participants first employed after 1989 and terminated before April 24, 1998 must have creditable service in five calendar years. Participants first employedafter June 30, 2011 must have five years of creditable service.

^These conditions apply to those people hired on or before December 31, 2016. For others, the General eligibility conditions apply.

Normal Retirement AnnuityThe age and service annuity payable at Normal Retirement Age is based on Final Average Earnings (FAE) andCreditable Service (CS) as follows:

Multiplier for ServiceRendered

GroupBefore2000

Between2000 and

2011After2011

2.165% 2.0% 1.6% Executive group and elected officials2.165% 2.0% 2.0% Protective occupation participants covered by Social Security2.665% 2.5% 2.5% Protective occupation participants not covered by Social Security1.765% 1.6% 1.6% All other participants

FAE is generally the average of the three highest years of earnings preceding retirement (July 1 - June 30 forteachers, educational support staff, and judges; calendar year for others). These years do not have to beconsecutive. For legislators and state constitutional officers who are ineligible to receive pay increases duringtheir term, FAE is the statutory rate of earnings at termination.

Maximum formula annuity is 85% of FAE for protective occupation participants not covered by Social Security,65% of FAE for protectives covered by Social Security, and 70% for all other participants. If greater than theformula amount, an annuity equal to the actuarial equivalent of two times the required accumulatedcontributions is paid in lieu of the formula amount.

Early Retirement: Any participant who has attained age 55 and any protective occupation participant whohas attained age 50 may apply for an early retirement annuity. The benefit is reduced 0.4% for each monththat the annuity effective date precedes the Normal Retirement Age. For non-protective participantsterminating after June 30, 1990, the 0.4% is reduced for months after the attainment of age 57 and before theannuity effective date by .001111% for each month of creditable service.

Voluntary Termination Before Immediate Benefit Eligibility: A participant who terminates service beforebeing eligible for a retirement annuity may either (1) receive a refund of accumulated contributions, or (2)leave contributions on deposit and apply for a retirement annuity on or after the minimum retirement agebased upon age and accrued service at time of termination.

COMPREHENSIVE ANNUAL FINANCIAL REPORT 2017 145ACTUARIAL SECTION

Post-Retirement Adjustments: Annuities are increased annually if the investment income credited to retiredlife funds is in excess of the assumed rate (presently 5%), other plan experiences are within projected ranges,and the resulting adjustment would be at least 0.5% (2.0% for the variable fund).

Previously granted adjustments can be revoked if the investment income is insufficient to support thesepreviously granted increases. However, a Core Fund annuity cannot be reduced below the amount grantedupon inception. Slightly different provisions apply to variable annuities.

Disability Annuity: Eligibility for disability under the Wisconsin Retirement System means, generally, total andpermanent incapacity to engage in gainful employment. The participant must have completed at least sixmonths of creditable service in each of at least five out of the last seven calendar years preceding applicationfor disability. The service requirement is waived if the disability is from service-related causes.

For protective occupations, eligibility also can be met if member has 15 years of service, is between the ages of50 and 55 and unable to safely and efficiently perform one's duties.

Disability Amounts: Amounts payable in case of disability depend upon the plan from which payment ismade and are described below.

Pre-10/16/92 WRS Plan Post-10/15/92 Long-Term Disability Insurance (LTDI)Plan

Participants Covered Participants hired before10/16/92 who do not elect LTDIcoverage.

Participants entering after 10/15/92 and participants on10/15/92 who elect LTDI coverage.

Benefit to age 65* WRS formula benefit based onservice projected to normalretirement age.

40% of FAE for participants covered by Social Security;50% of FAE for non-covered participants who cannotqualify for Social Security disability benefits.

Benefit at age 65* Continuation of pre-65 amount. WRS benefit accrued to date of disability plus 7% of FAEmoney purchase benefit during disability period, both ofwhich are adjusted in accordance with the dividend rate.

*Conversion age is later for participants becoming disabled after age 61. The post-1992 LTDI plan was closed to newdisabilities effective January 1, 2018. The pre-1992 plan was reinstated for all new disabilities after that point.

Death In Service: (a) Prior to age 50 for protective participants and age 55 for others, the benefit is theequivalent of twice the accumulated employee required and all additional contributions and employeramounts contributed prior to 1974 for teachers or 1966 for others. (b) After age 50 for protective participants,and age 55 for others, the benefit is the amount that would have been paid if participant had retired andelected the 100% survivor option. The benefit is payable to a spouse, child, or other dependent.

Interest credits: For years after 1999, and for people with some active service after 1999, participant coreaccounts (including the variable at core accounts) are credited with interest at the full (core) effective rate. Forothers, accounts are credited with interest as shown below:


ACTUARIAL SECTION

Rate Credited For Purpose of

Date of Participation Money PurchaseMinimum Refunds

Prior to 1982 Core effective rate Core effective rateJanuary 1, 1982 and later and terminated prior to January 1, 2000 5% 3%January 1, 1982 and later and not terminated prior to January 1, 2000 Core Effective Rate Core Effective Rate

Interest is credited on member Variable Fund accounts based on the prior year ending account balance andthe Variable effective rate.

Interest on both Core and Variable member additional deposit accounts is based on the prior year endingaccount balance and the appropriate effective rate.

Contribution Rates: The financial objective of the WRS is to establish and receive contributions that willremain level from year to year and decade to decade.

Effective June 28, 2011, the employee contribution for general category employees, teachers and executivesand elected officials is equal to one-half the actuarially required contribution. The employee contribution forprotective occupations is the same percentage as general employees. The employer is responsible for theremainder of the actuarially determined contribution. The employer may not pay any portion of the employeecontribution unless provided for by a pre-existing collective bargaining agreement.

Normal form of Benefit: The normal form of benefit is a straight life annuity with no death benefits. Optionalforms of benefit which are actuarially reduced are listed below:

• A life annuity with 60 or 180 monthly payments guaranteed.• A joint survivorship annuity with 75% continued to beneficiary.• A joint survivorship annuity with 100% continued to beneficiary.• A joint survivorship annuity reduced 25% upon either your death or your beneficiary's death.• A joint survivorship annuity with 100% continued to beneficiary combined with 180 monthly

payments guaranteed.

For formula benefit calculations, optional forms are calculated at the lower of the current age or age 62(Normal Retirement Age for Protective occupations).

Vesting: Participants hired prior to July 1, 2011 vest immediately. After July 1, 2011, participants vest afterfive years of service.


ACTUARIAL METHOD AND ASSUMPTIONS USED IN WRS VALUATIONS

The principal areas of risk assumption are:1. Long-term rates of investment income likely to be generated by the assets of the retirement fund. This

includes both realized and unrealized appreciation and depreciation.2. Rates of mortality among participants, retirees and beneficiaries.3. Rates of withdrawal of active participants.4. Rates of disability among participants.5. Patterns of salary increases to be experienced by participants.6. The age and service distribution of actual retirements.

In an actuarial valuation, the actuary projects the monetary value of each assumption for each distinctexperience group, for the next year and for each year over the next half-century or longer.

Once actual risk experience has occurred and been observed, it will not coincide exactly with assumed riskexperience, regardless of the skill of the actuary, the completeness of the data, and the precision of thecalculations. Each valuation provides a complete recalculation of assumed future risk experience and takesinto account all past differences between assumed and actual risk experience. The result is a continual series ofsmall adjustments to the computed contribution rate. From time to time it becomes necessary to adjust thepackage of risk measurements to reflect basic experience trends -- but not random year-to-year fluctuations.

The actuarial funding method used in the valuation was the Frozen Initial Liability (FIL) method. Under thismethod, the amount of remaining unfunded actuarial accrued liabilities at any valuation date is affected onlyby the monthly amortization payments, compound interest, the added liability created by new employerunits, and any added liabilities caused by changes in benefit provisions.

»Economic Assumptions

The Investment Return Assumption for plan assets is 7.2%.

For determining plan liabilities, the Discount Rate is 5.0% for retired participants, 5.0% for active and inactiveparticipants following retirement, and 7.2% for active and inactive participants prior to their retirement. Avaluation performed assuming a 5.5% discount rate for all participants at all stages of life, reproduces the resultsof an actuarial valuation using the 5.0% post-retirement and 7.2% pre-retirement assumptions. Thus, it can besaid that the net discount rate assumed in the valuations was 5.5% per year, compounded annually (net afteradministrative expenses).

The Wage Inflation Rate assumed in this valuation was 3.2% per year. The wage inflation rate is defined to bethe portion of total pay increases for an individual that are due to macroeconomic forces, includingproductivity, price inflation, and labor market conditions. The wage inflation rate does not include paychanges related to individual merit and seniority effects.

No specific Price Inflation assumption is required to perform this valuation. The price inflation assumptionused to evaluate the investment return assumption is 2.7%.

The assumed Real Rate of Return over wage inflation is defined to be the portion of total investment returnthat is more than the assumed total wage growth rate. Considering other economic assumptions, the 7.2%


ACTUARIAL SECTION

pre-retirement investment return rate translates to an assumed real rate of return over wage inflation of 4.0%.The assumed real rate of return over price inflation is 4.5% considering an inflation assumption of 2.7%.

Merit and Longevity pay increase assumptions for individual active participants are shown for sampleservices below. An additional 3.2% recognizes wage inflation, including price inflation, productivity increases,and other macroeconomic forces.

% Merit and Longevity Increase Next Year

Service GeneralUniversityTeachers

Public SchoolTeachers

ProtectiveOccupation

With SS

ProtectiveOccupationWithout SS

Executive/Elected

1 3.5% 3.0% 5.6% 4.8% 5.5% 2.5%2 3.5% 3.0% 5.6% 4.8% 5.5% 2.5%3 3.1% 2.9% 5.2% 4.1% 4.7% 2.0%4 2.8% 2.8% 4.7% 3.5% 3.8% 1.6%5 2.5% 2.7% 4.3% 2.8% 3.0% 1.1%

10 1.5% 2.2% 2.6% 1.1% 0.9% 0.2%15 1.1% 1.7% 1.4% 0.8% 0.5% 0.2%20 0.9% 1.2% 0.6% 0.7% 0.4% 0.2%25 0.6% 0.9% 0.3% 0.6% 0.3% 0.2%30 0.4% 0.7% 0.2% 0.5% 0.2% 0.2%

» Decrement ProbabilitiesThe Active Member Population is assumed to remain constant. For purposes of financing the unfundedliabilities, total payroll is assumed to grow at the wage inflation rate of 3.20% per year.

The mortality table used to measure mortality for participants was the Wisconsin 2012 Mortality Table. Therates in this table were based on actual WRS experience adjusted for future mortality improvements using theMP-2015 fully generated improvement scale (multiplied by 50%). This mortality assumption was adopted bythe Board in connection with the 2012-2014 Experience Study. Sample retirement values from this table areshown below. This assumption is used to measure the probabilities of participants dying before retirementand the probabilities of each benefit payment being made after retirement.


Single Life Retirement Values (Retired Participants)Wisconsin 2012 Mortality Table With 5% Interest

SampleAttained

Present Value of $1Monthly for Life*

Future LifeExpectancy (years)* Mortality Rates*

Ages Males Females Males Females Males Females40 $212.26 $217.36 44.7 47.9 0.000948 0.00059045 203.68 209.93 39.7 42.8 0.001247 0.00091450 192.96 200.73 34.7 37.8 0.001684 0.00135755 180.13 189.56 29.9 32.9 0.003963 0.002431

60 165.76 176.25 25.3 28.2 0.005668 0.00349065 148.55 160.13 20.9 23.5 0.008629 0.00529570 129.00 141.01 16.7 19.0 0.014193 0.00895675 107.29 119.37 12.8 14.8 0.024118 0.016265

80 84.55 96.13 9.4 11.0 0.044374 0.03049585 63.32 73.03 6.5 7.8 0.082894 0.061073

*With a fully generational mortality table, the mortality rate depends on the year of birth. Later years of birth willcorrespond to a lower mortality rate at a given age.

The values shown above are for non-disabled participants in 2017. For disabled participants, the followingtable is used:

Single Life Retirement Values (Disabled Participants)Wisconsin 2012 Mortality Table With 5% Interest

SampleAttained

Present Value of $1Monthly for Life

Future LifeExpectancy (years) Mortality Rates*

Ages Males Females Males Females Males Females40 $198.79 $207.55 37.2 41.5 0.000963 0.00059945 186.85 197.77 32.3 36.5 0.001266 0.00092850 173.07 185.91 27.5 31.6 0.001710 0.00137855 157.06 171.77 23.0 26.8 0.004022 0.002492

60 138.40 154.89 18.6 22.2 0.005871 0.00366965 117.92 135.14 14.6 17.8 0.009167 0.00562470 95.73 113.02 11.0 13.7 0.015308 0.00951375 73.46 89.53 7.9 10.1 0.026012 0.017277

80 53.99 67.03 5.4 7.0 0.047857 0.03239285 38.26 48.95 3.7 4.9 0.089402 0.064873



ACTUARIAL SECTION

Active Participant Mortality Rates

The active participant mortality assumption is used to measure the probability of participants becomingdeceased while in service.

Sample AttainedAges

Mortality Rates*Males Females

20 0.000132 0.00007725 0.000159 0.00008530 0.000201 0.00011735 0.000353 0.000210

40 0.000474 0.00029545 0.000624 0.00045750 0.000842 0.00067955 0.001982 0.001216

60 0.002834 0.00174565 0.004315 0.00264870 0.007097 0.00447875 0.012059 0.00813380 0.022187 0.015248



Rates of Retirement for Those Eligible to Retire—Normal Retirement Pattern

% Retiring Next YearGeneral Public School University Protective* Exec.&

ElectedAge Male Female Male Female Male Female With S.S. W/O S.S.50 0% 0% 0% 0% 0% 0% 6% 4% 0%51 0 0 0 0 0 0 7 4 052 0 0 0 0 0 0 9 5 053 0 0 0 0 0 0 23 17 054 0 0 0 0 0 0 19 25 055 0 0 0 0 0 0 19 21 056 0 0 0 0 0 0 19 27 057 18 15 36 28 12 14 19 30 1258 18 15 31 28 12 12 18 30 1259 18 15 24 28 12 10 16 30 1260 18 15 30 28 12 12 20 26 1261 18 15 28 28 12 16 20 15 1262 25 25 37 36 12 14 22 20 1263 30 25 32 30 12 19 26 40 1264 25 25 27 27 12 13 17 40 1265 25 28 29 35 15 18 30 40 1266 32 32 33 35 17 22 25 40 2067 26 26 27 30 16 17 30 40 1568 19 22 24 30 16 16 30 40 1569 19 20 24 30 16 14 30 40 1070 19 20 20 35 16 18 100 100 1071 19 20 20 30 18 18 100 100 1072 19 20 20 22 14 18 100 100 1573 19 20 20 22 14 18 100 100 1574 19 20 20 22 10 18 100 100 1575 100 100 100 100 1

0100 100 100 100 100

*Includes reduced retirements for protective with 20+ years of service.


ACTUARIAL SECTION

Rates of Retirement for Those Eligible to Retire—Early Retirement Pattern

% Retiring Next YearGeneral Public School University Exec.&

ElectedAge Male Female Male Female Male Female55 9.0% 7.0% 13.0% 12.0% 4.0% 5.5% 3.0%56 9.0 7.0 13.0 12.0 3.0 5.5 3.057 4.8 5.0 12.0 12.0 2.5 4.0 3.058 5.8 6.0 13.0 12.0 2.5 5.5 3.059 6.5 6.0 14.0 13.0 3.0 6.5 3.060 8.5 8.5 14.0 17.0 4.3 8.0 5.061 8.5 8.5 15.0 17.0 5.0 6.0 5.062 16.0 16.0 21.0 23.0 6.0 12.063 17.0 16.0 21.0 23.0 7.0 12.064 17.0 16.0 21.0 23.0 7.0 12.0

The assumed rates of separation from employment prior to service retirement due to disability and othercauses are shown below for sample ages. For other terminations it was assumed that a percentage, dependingon age of participants terminating after age 35 with five or more years of service, will leave their contributionson deposit and be paid a benefit at normal retirement age and that the remaining participants would take aseparation benefit. The percentage taking a separation benefit is 25% at age 35, grading downward to 0% atretirement eligibility. All participants terminating prior to normal retirement age with less than five years ofservice were assumed to take a separation benefit.


Assumed Termination Rates % of Active Participants Terminating

Protective Public Schools University Exec.&

Elected

Other

Age & ServiceWithS.S.

W/OS.S. Male Female Male Female Male Female

0 17.0% 4.0% 18.3% 16.0% 16.0% 16.0% 18.0% 16.8% 20.0%1 8.0 3.5 11.0 10.8 14.0 15.0 14.0 12.7 14.12 5.0 1.5 7.8 7.7 12.0 13.0 12.0 9.0 11.03 4.3 1.3 5.9 5.8 10.0 10.0 10.0 7.3 8.94 3.8 1.2 4.9 5.0 8.5 9.9 10.0 7.0 8.55 3.1 1.1 3.6 4.3 8.0 8.4 8.0 4.8 6.76 3.0 1.0 3.2 3.8 7.5 6.4 7.0 4.3 5.67 2.9 0.9 2.6 3.4 5.7 5.7 6.0 4.2 5.08 2.5 0.8 2.6 2.8 4.6 4.7 6.0 3.4 4.79 2.2 0.7 2.4 2.5 4.0 4.2 6.0 3.1 4.5

25 10 & Over 2.0 0.7 1.3 2.2 4.0 5.0 6.0 2.5 4.530 1.8 0.7 1.3 1.9 3.9 4.6 5.1 2.5 4.335 1.6 0.7 1.3 1.6 3.6 4.2 4.3 2.4 3.540 1.3 0.6 1.3 1.3 3.1 3.4 4.1 2.1 2.745 1.1 0.6 1.3 1.1 2.3 2.6 3.2 1.8 2.250 1.0 0.5 1.3 1.0 1.9 2.1 2.5 1.5 1.955 1.0 0.5 1.3 1.0 1.8 2.0 2.4 1.5 1.860 1.0 0.5 1.3 1.0 1.8 2.0 2.4 1.5 1.8

Disability Rates% of Active Participants Becoming Disabled

Protective Public Schools University Exec. & Elected General

AgeWith

S.S.W/OS.S. Male Female Male Female Male Female Male Female

20 0.01% 0.04% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01%25 0.01 0.04 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.0130 0.01 0.04 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.0235 0.02 0.04 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.0340 0.02 0.06 0.01 0.02 0.01 0.03 0.01 0.01 0.03 0.0445 0.03 0.11 0.03 0.05 0.01 0.03 0.01 0.01 0.06 0.0650 0.06 0.64 0.08 0.10 0.02 0.06 0.02 0.02 0.13 0.0955 0.87 0.48 0.16 0.14 0.05 0.09 0.09 0.09 0.24 0.1660 1.46 0.14 0.26 0.21 0.07 0.13 0.11 0.11 0.43 0.23


ACTUARIAL SECTION

Summary of Member Valuation Data

General Participants & Teachers

ValuationDate

ParticipatingEmployers

ActiveParticipants

Annual Payroll(In Millions)

AnnualAverage Pay ($)

% IncreaseIn Average Pay

12/31/2008 1,431 238,994 10,806.3 45,216 4.3%12/31/2009 1,438 240,401 11,098.1 46,165 2.1%12/31/2010 1,444 239,959 11,195.4 46,655 1.1%12/31/2011 1,450 232,518 10,947.0 47,080 0.9%12/31/2012 1,450 231,765 11,041.0 47,639 1.2%12/31/2013 1,450 231,973 11,270.0 48,584 2.0%12/31/2014 1,454 232,433 11,574.0 49,794 2.5%12/31/2015 1,457 232,646 12,016.6 51,652 3.7%12/31/2016 1,463 233,693 12,163.8 52,050 0.8%12/31/2017 1,473 233,845 12,364.7 52,876 1.6%

Executive Group & Elected OfficialsValuation

DateParticipating

EmployersActive

ParticipantsAnnual Payroll

(In Millions)Annual

Average Pay ($)% Increase

In Average Pay

12/31/2008 259 1,430 100.6 70,316 6.0%12/31/2009 258 1,427 101.0 70,786 0.7%12/31/2010 254 1,418 101.2 71,394 0.9%12/31/2011 257 1,393 98.6 70,802 (0.8)%12/31/2012 249 1,408 104.1 73,968 4.5%12/31/2013 249 1,397 106.0 76,125 2.9%12/31/2014 251 1,401 109.0 77,998 2.5%12/31/2015 254 1,396 112.2 80,372 3.0%12/31/2016 252 1,369 111.3 81,300 1.2%12/31/2017 245 1,351 110.8 82,013 0.9%

Protective with Social SecurityValuation

DateParticipating

EmployersActive


(In Millions)Annual


In Average Pay

12/31/2008 500 20,038 1,099.3 54,859 4.7%12/31/2009 502 20,205 1,124.1 55,636 1.4%12/31/2010 504 20,019 1,124.7 56,184 1.0%12/31/2011 503 19,610 1,119.0 57,065 1.6%12/31/2012 501 19,353 1,105.1 57,104 0.1%12/31/2013 512 19,290 1,121.0 58,127 1.8%12/31/2014 506 19,533 1,151.0 58,916 1.4%12/31/2015 497 19,301 1,190.9 61,701 4.7%12/31/2016 496 19,468 1,217.4 62,533 1.3%12/31/2017 495 19,465 1,248.4 64,136 2.6%


Protective Without Social SecurityValuation

DateParticipating

EmployersActive


(In Millions)Annual


In Average Pay

12/31/2008 55 2,724 181.2 66,502 3.2%12/31/2009 57 2,733 189.0 69,149 4.0%12/31/2010 58 2,754 188.8 68,559 (0.9)%12/31/2011 57 2,711 189.5 69,898 2.0%12/31/2012 57 2,727 193.5 70,949 1.5%12/31/2013 58 2,736 197.0 71,960 1.4%12/31/2014 58 2,733 204.0 74,487 3.5%12/31/2015 57 2,734 210.3 76,920 3.3%12/31/2016 56 2,755 213.2 77,387 0.6%12/31/2017 56 2,752 219.2 79,651 2.9%

All ParticipantsValuation

DateParticipating

EmployersActive


(In Millions)Annual


In Average Pay

12/31/2008 1,462 263,186 12,187.4 46,307 4.4%12/31/2009 1,469 264,766 12,512.2 47,258 2.1%12/31/2010 1,474 264,150 12,610.1 47,738 1.0%12/31/2011 1,480 256,232 12,354.1 48,215 1.0%12/31/2012 1,478 255,253 12,443.7 48,750 1.1%12/31/2013 1,479 255,396 12,694.0 49,703 2.0%12/31/2014 1,482 256,100 13,038.0 50,910 2.4%12/31/2015 1,487 256,077 13,530.0 52,836 3.8%12/31/2016 1,495 257,285 13,705.7 53,270 0.8%12/31/2017 1,499 257,413 13,943.1 54,166 1.7%


ACTUARIAL SECTION

Summary of Accrued and Unfunded Accrued Liabilities(In Millions)

ValuationYear

AggregateAccrued

LiabilitiesValuation

Assets

Assets asa % of

AccruedLiabilities

Unfunded Accrued

Liabilities

AnnualActive

MemberPayroll

UAL as a% of Annual

ActiveMemberPayroll

2008 77,412.0 77,159.4 99.7% 252.6 12,289.6 2.1%2009 79,104.6 78,911.3 99.8% 193.3 12,622.2 1.5%2010 80,758.8 80,626.9 99.8% 131.9 12,744.0 1.0%2011 79,039.3 78,940.0 99.9% 99.3 12,855.6 0.8%2012 78,682.7 78,613.0 99.9% 69.7 12,627.6 0.6%2013 85,328.7 85,276.1 99.9% 52.6 12,884.8 0.4%2014 89,392.1 89,360.4 100.0% 31.7 13,219.5 0.2%2015 91,526.5 91,502.4 100.0% 24.1 13,530.5 0.2%2016 95,414.0 95,396.2 100.0% 17.8 13,706.0 0.1%2017 100,819.3 100,802.5 100.0% 16.8 13,943.1 0.1%

Funding Metrics(In Millions)

F-I-L Accrued Liability For Percent Funded forValuation

DateDec 31

ActuarialValue

of Assets

Annuitantsand

BeneficiariesMemberContribs.

Active &Inactive

Members Total

Annuitantsand

BeneficiariesParticipant

Contribs.

Active &Inactive

Members Total

2008 77,159.4 38,372.6 16,045.3 22,994.1 77,412.0 100.0% 100.0% 98.9% 99.7%

2009 78,911.3 39,734.2 16,156.6 23,213.8 79,104.6 100.0% 100.0% 99.2% 99.8%

2010 80,626.9 41,139.0 16,253.6 23,366.2 80,758.8 100.0% 100.0% 99.4% 99.8%

2011 78,940.0 43,609.4 14,434.4 20,995.5 79,039.3 100.0% 100.0% 99.5% 99.9%

2012 78,613.0 44,055.5 14,401.1 20,226.1 78,682.7 100.0% 100.0% 99.7% 99.9%

2013 85,276.1 48,460.5 15,559.2 21,309.0 85,328.7 100.0% 100.0% 99.8% 99.9%

2014 89,360.4 51,131.1 16,259.3 22,001.7 89,392.1 100.0% 100.0% 99.9% 100.0%

2015 91,502.4 52,851.8 16,707.2 21,967.5 91,526.5 100.0% 100.0% 99.9% 100.0%

2016 95,396.2 55,764.0 17,361.7 22,288.3 95,414.0 100.0% 100.0% 99.9% 100.0%

2017 100,802.5 59,224.9 18,434.4 23,160.0 100,819.3 100.0% 100.0% 99.9% 100.0%


WRS Contribution Rates

» Notes to Contribution Rates Schedule

1. Prior to June 28, 2011 the employee contribution rate was set by Wis Stats. 40.05 (1) and part or all therequired employee contributions could be paid by the employer on behalf of the employee. Effective June 28,2011 the employee contribution rate for general and executive/elected category employees is equal to thegeneral category rate. Employers may not pay the employee contribution on their behalf unless provided forby an existing collective bargaining agreement.

2. The unfunded liability was recalculated in 1990 to reflect benefit improvements and is beingamortized on a level percentage of salary basis over a period of 40 years beginning January 1, 1990, for theemployers in the WRS prior to 2009, or on the effective date of the employer’s participation, whichever is later.Liabilities for employers joining the WRS beginning in 2009 are amortized over 30 years. Prior service ratesvary be employers. The percentage reported represents a weighted average.

General Participants and TeachersCurrent

CostPriorCost

EmployerTotal Employee BAC Total

2008 4.6% 0.2% 4.8% 5.0% 1.0% 10.8%2009 4.5% 0.2% 4.7% 5.0% 0.9% 10.6%2010 4.8% 0.2% 5.0% 5.0% 1.2% 11.2%2011 5.1% 0.1% 5.2% 5.0% 1.5% 11.7%2011* 5.8% 0.1% 5.9% 5.8% 0.0% 11.7%2012 5.9% 0.1% 6.0% 5.9% 0.0% 11.9%2013 6.65% 0.1% 6.75% 6.65% 0.0% 13.4%2014 7.0% 0.0% 7.0% 7.0% 0.0% 14.0%2015 6.8% 0.0% 6.8% 6.8% 0.0% 13.6%2016 6.6% 0.0% 6.6% 6.6% 0.0% 13.2%2017 6.8% 0.1% 6.9% 6.8% 0.0% 13.7%

Executive Group and Elected OfficialsCurrent

CostPriorCost


2008 8.5% 0.1% 8.6% 3.0% 0.0% 11.6%2009 8.5% 0.0% 8.5% 3.0% 0.0% 11.5%2010 8.7% 0.0% 8.7% 3.2% 0.0% 11.9%2011 9.4% 0.0% 9.4% 3.9% 0.0% 13.3%2011* 6.65% 0.0% 6.65% 6.65% 0.0% 13.3%2012 7.05% 0.0% 7.05% 7.05% 0.0% 14.1%2013 7.0% 0.0% 7.0% 7.0% 0.0% 14.0%2014 7.75% 0.0% 7.75% 7.75% 0.0% 15.5%2015 7.7% 0.0% 7.7% 7.7% 0.0% 15.4%2016 6.6% 0.0% 6.6% 6.6% 0.0% 13.2%2017 6.8% 0.1% 6.9% 6.8% 0.0% 13.7%

* 2011 WI Act 10 adjusted employee and employer contribution rates effective June 28, 2011


ACTUARIAL SECTION

Protective with Social SecurityCurrent

CostPriorCost

DutyDisability


2008 8.2% 0.1% 3.9% 12.2% 5.1% 0.0% 17.3%2009 8.1% 0.1% 3.9% 12.1% 5.0% 0.0% 17.1%2010 8.6% 0.0% 3.9% 12.5% 5.5% 0.0% 18.0%2011 8.9% 0.0% 4.0% 12.9% 5.8% 0.0% 18.7%2011* 8.9% 0.0% 4.0% 12.9% 5.8% 0.0% 18.7%2012 9.0% 0.0% 4.0% 13.0% 5.9% 0.0% 18.9%2013 9.75% 0.0% 4.1% 13.85% 6.65% 0.0% 20.5%2014 10.1% 0.0% 0.7% 10.8% 7.0% 0.0% 17.8%2015 9.5% 0.0% 0.6% 10.1% 6.8% 0.0% 16.9%2016 9.4% 0.0% 0.3% 9.7% 6.6% 0.0% 16.3%2017 10.6% 0.1% 0.6% 11.3% 6.8% 0.0% 18.1%

Protective without Social SecurityCurrent

CostPriorCost

DutyDisability


2008 10.8% 0.4% 3.9% 15.1% 3.4% 0.0% 18.5%2009 10.6% 0.3% 3.9% 14.8% 3.2% 0.0% 18.0%2010 11.3% 0.3% 3.9% 15.5% 3.9% 0.0% 19.4%2011 12.2% 0.3% 4.0% 16.5% 4.8% 0.0% 21.3%2011* 11.2% 0.3% 4.0% 15.5% 5.8% 0.0% 21.3%2012 11.3% 0.3% 4.0% 15.6% 5.9% 0.0% 21.5%2013 12.35% 0.3% 4.1% 16.75% 6.65% 0.0% 23.4%2014 13.7% 0.3% 0.7% 14.7% 7.0% 0.0% 21.7%2015 13.1% 0.3% 0.6% 14.0% 6.8% 0.0% 20.8%2016 13.2% 0.2% 0.3% 13.7% 6.6% 0.0% 20.3%2017 14.9% 0.1% 0.6% 15.6% 6.8% 0.0% 22.4%

* 2011 WI Act 10 adjusted employee and employer contribution rates effective June 28, 2011


Analysis of Actuarial Experience WRS

Gains and Losses in Accrued Liabilities During 2017 ResultingDifferences Between Assumed Experience & Actual Experience(In Millions)

Type of Activity GeneralExecutive& Elected

ProtectiveOccupationWith Social

Security

ProtectiveOccupation

WithoutSocial

Security Total

Normal RetirementIf members retire at older ages or with lowerfinal average pay than assumed, there is a gain.If younger ages or higher pay, there is a loss. $(7.7) $(1.1) $(16.6) $(1.6) $(27.0)

Early RetirementIf fewer members choose early retirement thanassumed, there is a loss. If more earlyretirements, there is a gain. (11.3) (1.4) (1.0) 0.3 (13.4)

Death with BenefitIf survivor claims are less than assumed, there isa gain. If more claims, there is a loss. (2.5) 0.0 0.2 (0.1) (2.4)

Disability RetirementIf disability claims are less than assumed, there isa gain. If more claims, a loss. 14.3 0.1 0.8 0.7 15.9

Other SeparationsIf more liabilities are released by separationsthan assumed, there is a gain. If smaller releases,a loss. 36.6 0.3 1.1 (0.6) 37.4

Salary IncreasesIf there are smaller pay increases than assumed,there is a gain. If greater increases, a loss. 114.0 (14.7) 3.9 (2.2) 101.0

Investment ReturnIf there is greater investment income thanassumed, there is a gain. If less income, a loss. 287.8 0.1 48.6 12.5 349.0

Other Activity (91.8) (8.2) (10.3) (12.1) (122.4)

Total Gain (Loss) $339.4 $(24.9) $26.7 $(3.1) $338.1

% of accrued liability 0.9% (12.2)% 0.6% (0.3)% 0.8%


ACTUARIAL SECTION

Changes in Number of Annuities - WRSYear Annuity Type Beginning Additions Deletions Ending

2017 Retirement 190,111 9,591 3,940 195,762Disability 6,198 98 205 6,091Beneficiary 1,338 42 31 1,349Total 197,647 9,731 4,176 203,202





2012 Retirement 160,044 9,322 3,400 165,966Disability 6,201 183 (89) 6,473Beneficiary 1,208 67 59 1,216Total 167,453 9,572 3,370 173,655






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INVESTMENT SECTION

Investments

Prepared by the State of Wisconsin Investment Board

»MESSAGE FROM THE EXECUTIVE DIRECTOR

For public employees in Wisconsin, the State of Wisconsin Investment Board (SWIB) is a unique andvaluable partner. Investing for the financial security of more than 622,000 individuals - and for the 1,500Wisconsin employers who contribute on behalf of their employees - SWIB’s strong management of theWisconsin Retirement System (WRS) has helped fuel one of the best-funded public pensions in thecountry. Over the past ten years, approximately 70 percent of the revenues needed to fund the WRS havecome from the investment earnings.

SWIB implements a disciplined, prudent, and innovative investment strategy to manage the WRS trustfunds. Our portfolio of investments is highly diversified, carefully monitored, and designed to strike anappropriate balance between risk and returns. The investment strategy provides moderate downsideprotection from another dramatic downturn while still earning reasonable returns in other marketconditions. In 2017, our investment management generated significant positive returns for the funds wemanage. The Core Fund, the primary trust fund for the WRS, returned 16.2 percent gross of fees, which wasahead of its target benchmark of 15.7 percent. The Core Fund also exceeded its, five-, ten-, and twenty-year benchmarks. This return contributed to a positive annuity adjustment for WRS retirees for the fifthconsecutive year and will help keep contribution rates for employees and employers stable. The VariableFund returned 23.2 percent, which was ahead of its target benchmark of 23.1 percent. The Variable Fundalso exceeded its five-, ten-, and twenty-year benchmarks.

A major reason for our success is because of our ability to manage more than 60 percent of the trust fundassets internally. We have been able to build a stronger internal management program because of ourability to attract and retain highly qualified professionals who are passionate about achieving superiorinvestment returns on behalf the participants of the WRS. Because we can manage the funds internally formultiples less than what it costs to use external managers, we have been able to generate significantsavings for the WRS. In 2017, we saved $110 million in costs compared to our peers. Our cost savingstrategies combined with our investment strategy, have provided an additional $759 million to the CoreFund above what the markets earned over the past five years.

As proud as we are of our past performance, we continue to remain focused on the future and thechallenges that lie ahead. We remain committed to investing in our people, processes and technology tokeep us at the forefront of the investment industry.

It is an honor to work for the public employees, employers, and the entire State of Wisconsin. We willcontinue to do our best to ensure a strong and stable WRS for the future.

Rochelle Klaskin, Interim Executive DirectorState of Wisconsin Investment Board


INVESTMENT SECTION

»ABOUT THE INVESTMENT BOARD

SWIB is a trusted and skilled investment organization contributing to the strong financial future of thebeneficiaries of the funds entrusted to us. SWIB is responsible for managing the assets of the WRS, theState Investment Fund (SIF), and five separately managed funds.

The largest portion of the assets managed by SWIB is the trust funds of the WRS. The assets managed bySWIB include the SIF, a pool of invested cash balances of the WRS and various state and local governmentunits. The remaining assets are separately managed funds invested by SWIB including the Injured Patientsand Families Compensation Fund, State Life Insurance Fund, Local Government Property Insurance Fund,Tuition Trust Fund, and State Historical Society of Wisconsin Endowment Fund.

SWIB is directed by an independent Board of Trustees and staffed with professional money managers andinvestment support staff. The SWIB Board of Trustees consists of nine members meeting specificmembership requirements, as directed by Wis. Stat. section 15.76. The Board of Trustees appoints theSWIB executive director. The executive director oversees staff, develops and recommends agency andinvestment policies for Board adoption, and ensures adherence to state and federal law and policies.Trustee responsibilities include establishing asset allocation, investment guidelines, and performancebenchmarks.

SWIB publishes an annual report and a detailed schedule of investments as of the end of the calendar year.More information about SWIB and the funds it manages can be found at www.swib.state.wi.us.

»WISCONSIN RETIREMENT SYSTEM

The WRS is a hybrid defined benefit plan. It contains elements of both a 401(k) or defined contributionplan and a defined benefit plan. More than 622,000 current and former state and local governmentemployees and their families rely on the WRS for some of their retirement security.

The Core Fund, the larger of the two WRS funds, with diversified holdings in stocks, bonds, private equity,real estate, hedge funds, and other investments, earned 16.2 percent in 2017, which is ahead of itsbenchmark of 15.7 percent. SWIB’s strong performance is due to the investment strategy that has beenimplemented. That investment strategy is designed to weather a variety of economic environments toensure the WRS is able to meet its obligations today and in the future. It also allows SWIB to meet one of itsstandards of responsibility that is outlined in state statutes. That statute, s. 25.15 (2) (b), says SWIB should“diversify investments in order to minimize the risk of large losses, unless under the circumstances it isclearly prudent not do so.” Because of SWIB’s sound investment performance over the long-term, the CoreFund, which had a net asset value of approximately $100.3 billion as of December 31, 2017, alsooutperformed its three-, five-, and ten-year benchmarks.

The objective of the Core Fund investment strategy is to earn returns comparable to the actuarialobjective of 7.2 percent over the long-term, but with less risk than the typical 60 percent equities/40percent fixed income portfolio. The annualized 20-year return for the Core Fund, as of December 31, 2017,was 7.1 percent, which is ahead of its benchmark of 6.7%.

The Variable Fund, an optional, U.S. and international stock fund, ended the year with a return of 23.2percent, which is ahead of its benchmark of 23.1 percent. The Variable Fund’s net asset value wasapproximately $8.2 billion as of December 31, 2017. As of December 31, 2017, the Variable Fund’s 20-yearannualized return was 7.2%, outperforming the benchmark return of 6.7%.

COMPREHENSIVE ANNUAL FINANCIAL REPORT 2017 165INVESTMENT SECTION

The investment strategy for the Variable Fund is to achieve returns equal to or above that of similar stockportfolios over a market cycle.

»BASIS OF PRESENTATION OF INVESTMENT DATA

The investments of the WRS are reported at fair value as prescribed by the Governmental AccountingStandards Board (GASB) and per section 25.17(14) of the Wisconsin Statutes. Unrealized gains and lossesare included as investment income.

The fair value of the WRS assets is obtained or estimated in accordance with a pricing hierarchyestablished with SWIB’s custodian. As prescribed by the hierarchy, a variety of independent pricingsources are used to price assets based on type, class, or issue.

When a portfolio includes securities or instruments for which the custodial bank does not receive fairvalue information from its vendor pricing sources, a variety of third-party pricing methods are used,including appraisals, pricing models, and other methods deemed acceptable by industry standards.

Cash and cash equivalents consist of short-term investments which are used to meet the liquidityrequirements of the WRS. Cash and cash equivalents held by the WRS can include cash on deposit, foreigncurrencies, cash posted as collateral to counterparties, repurchase agreements, certificates of deposit, U.S.Treasury Bills, short-term investment funds, and other U.S or foreign liquid financial instruments withmaturities that are generally less than three months. Cash and cash equivalents are reported at fair valueor cost, which approximates fair value.

Exchange-traded securities such as equities, preferred stock, certain derivatives, and exchange-tradedfunds are generally valued at the official closing price (usually the last trade price) or the last bid price onthe security’s primary exchange.

Privately-held debt is priced using approaches that value each holding based on the best availableinformation using the following hierarchy of pricing sources:

1. Custodian-supplied prices for assets that can be priced in accordance with the pricinghierarchy established with SWIB’s custodian

2. Prices provided by a third party with expertise in the bond market

For private market investments where no readily ascertainable market value exists, including limitedpartnerships and real estate pooled funds, fair value is estimated based on the net asset value as reportedby the general partner. The capital account balance as stated in the most recent available quarterlyreporting period is adjusted for subsequent cash flows to derive fair value. The financial statements of thelimited partnerships and real estate pooled funds are audited by independent auditors annually.

Certain portfolios make investments in privately-held companies alongside a strategic partner, such as alimited partnership fund manager. These co-investments are valued by SWIB’s strategic partner, using avariety of methodologies such as reviews of subsequent financing rounds, discounted cash flow analyses,cash flow multiples analyses, reviews of market comparable sales or metrics, and reviews of third-partyappraisals.

Real estate properties wholly owned by SWIB are valued by independent appraisers every three years. Inyears when appraisals are not performed, properties are informally appraised by the asset advisor. Eachyear, audited financial statements are prepared for each property.


INVESTMENT SECTION

SWIB employs portfolio strategies which involve investments across multiple asset classes. The “MultiAsset Investments ” on the WRS's financial statements consists primarily of hedge funds. SWIB valueshedge funds based on monthly statements or estimated returns received from each of the hedge fund’sadministrators. A third-party administrator’s responsibility is to independently account for the hedgefund’s activity and calculate the net asset value of the fund. Generally, hedge fund administrators pricefinancial instruments traded in active markets based on quoted market prices or binding dealerquotations. For certain over-the-counter instruments, fair value is determined based on valuation modelsused by the administrator. Annually, the financial statements prepared by the administrator are auditedby independent auditors.

Derivative financial instruments are marked to fair value daily, with valuation changes recognized inincome during the period the instruments are held and when the instrument is sold or expires.

A limited number of securities are carried at cost. Certain non-public or closely-held investments are notreported at fair value, but are carried at cost since no independent quotation is available to estimate fairvalue for these securities.

»INVESTMENT POLICY

As part of SWIB’s fiduciary responsibilities, SWIB is required by section 25.15(2)(b) of the Wisconsin Statutes“To diversify investments in order to minimize the risk of large losses, unless under the circumstances it isclearly prudent not to do so, considering each trust’s or fund’s portfolio as a whole at any point in time.”SWIB exercises this duty in part by establishing its investment policy and by setting the asset allocation.

The Board-approved investment policy for the WRS is intended to assist in development of a diversifiedportfolio of investments within acceptable risk parameters. The policy represents a delegation of standingauthority to the executive director and investment managers within the organization to make prudentinvestments within the investment guidelines, pursuant to sections 15.02(4) and 25.15(2) of the WisconsinStatutes and section IB 2.02 of the Wisconsin Administrative Code.

Additionally, the Investment Committee (IC) was created to provide oversight of SWIB investments withinthe parameters established by the Board of Trustees. Oversight includes analysis of risk and return of theportfolio, asset class, and Core and Variable Funds. The IC is responsible for proposing to the Board ofTrustees changes to the WRS investment policy, approving investment guidelines or strategies forinternally-managed portfolios, approving the general strategies for each asset class, and for approvingnew investment instruments and derivatives strategies. Effective June 2017, the IC became responsible forapproving and maintaining guidelines for internally-managed portfolios pursuant of the Board’sinvestment policy. Previously, the internally-managed portfolio guidelines were approved by the Board ofTrustees with recommendations coming from the IC. The change in oversight for internally-managedportfolios provides SWIB staff with the ability to more quickly respond to changing investment conditionsand is more consistent with the Board’s delegation of investment authority to internal investmentmanagement staff. The Board of Trustees reserves all rights to modify and amend IC guidelines at any timeat its discretion.

In 2017, the IC included, and the Board of Trustees approved, within the WRS Investment Guidelines aderivative use policy, rebalancing procedures, and a leverage use policy. The derivatives use policy setsforth the objectives, monitoring, and reporting guidelines relating to derivative investments. Therebalancing procedures used in both mandatory and discretionary asset class rebalancing are nowdescribed more fully in the Investment Guidelines, and the leverage use policy describes SWIB’s leveragephilosophy. The total amount of financial leverage is approved by the Board of Trustees through the WRSasset allocation process.


»SCHEDULE OF INVESTMENT RESULTS

The tables below present returns for the Core and Variable Funds on a total fund basis as well as by assetclass. Appropriate benchmark returns are provided for comparison purposes.

Time-Weighted Core Fund & Asset Class ReturnsAs of December 31, 2017

1-YearReturn %

5-YearReturn %

10-YearReturn %

Core Fund 16.2 8.6 5.9Benchmark 15.7 8.2 5.5

Public Equities 24.0 11.5 5.8Aggregated Equities Benchmark 24.0 11.4 5.5

Fixed Income 5.4 2.2 4.6Aggregated Fixed IncomeBenchmark 5.0 2.0 4.1

Inflation Sensitive 3.2 (0.9) 3.5Aggregated Inflation SensitiveBenchmark 3.1 (0.9) 3.0

Real Estate 9.6 13.5 5.0

100% ODCE Benchmark (since 1/1/13) 7.7 11.6 7.0

Private Equity/Debt 16.8 14.0 9.1Aggregated Private EquityBenchmark 14.3 11.8 7.6

Multi Asset 14.5 6.3 5.9

Aggregated Multi Asset Benchmark 16.4 7.6 4.9

Returns are gross of management fees, with the exception of Private Equity/Debt, which are net of fees.

Time-Weighted Variable Fund ReturnsAs of December 31, 2017

1-YearReturn %

5-YearReturn %

10-YearReturn %

Variable Fund 23.2 13.3 7.1Benchmark 23.1 13.0 6.8

Public Equities 23.3 13.3 7.1Aggregated Equities Benchmark 23.1 13.0 6.8

Returns are gross of management fees.


INVESTMENT SECTION

»ASSET ALLOCATION

SWIB’s Board of Trustees has established the asset allocation pursuant to a comprehensive and ongoingevaluation of the appropriate risk and return standards for each fund under management.

The Board adopts the WRS asset allocation policy, based on recommendations by the IC, the Board’s assetallocation consultant, Chief Investment Officer, and Managing Director of Asset and Risk Allocation. SWIBundertakes a comprehensive review of its strategic asset allocation plan every other year, including asset/liability modeling, to determine a suitable target allocation for each asset class included in the Core andVariable Funds, and an annual review to assess whether any interim adjustments should be made. Thestrategic nature of these reviews contemplates a long-term time horizon over which potential results areevaluated. This exercise is not an attempt to predict short-term market movements, but an effort tounderstand the long-term impacts of poor, normal, and above average market results.

In addition to potential future market impact, SWIB also contemplates the objectives of the funds, theimpact of actuarial analysis, and the soundness of investment return and risk expectations. SWIB’s assetallocation policies reflect the Board’s program of risk allocation that involves reducing equity exposure byleveraging low-volatility assets, such as “fixed income” securities. This investment strategy results in CoreFund strategic targets which exceed 100% of invested assets. Currently, the Core Fund has adopted anasset allocation target of 10% financial leverage; however, over time, it is anticipated that SWIB may movetoward an asset allocation that includes 20% leverage. Before implementing leverage beyond 10%, theBoard, SWIB’s asset allocation consultant, and staff will engage in additional focused asset allocationdiscussion and the Board will approve any additional financial leverage.

SWIB’s asset allocation review process also includes assumptions regarding expected rates of return.Long-term (e.g. 30-year) expected real rates of return on pension plan investments are determined using abuilding block method in which best-estimate ranges of expected future real rates of return (expectedreturns, net of pension plan investment expense and inflation) are developed for each major asset class.These ranges are combined to produce the long-term expected real rate of return by weighting theexpected future real rates of return by the target asset allocation percentage and by adding expectedinflation. The table entitled Asset Allocation Targets and Expected Returns presents the policy assetallocation targets and the best estimates of expected geometric rates of return for each major asset classas of December 31, 2017.


Retirement FundsAsset Allocation Targets and Expected Returns


Core Fund Asset ClassAsset

Allocation %

Long-TermExpectedNominal Rate ofReturn %

Long-TermExpected RealRate of Return %

Global Equities 50 % 8.2 % 5.3 %

Fixed Income 24.5 4.2 1.4

Inflation Sensitive Assets 15.5 3.8 1.0

Real Estate 8 6.5 3.6

Private Equity/Debt 8 9.4 6.5

Multi-Asset 4 6.5 3.6

Total Core Fund 110 % 7.3 % 4.4 %

Variable Fund Asset ClassU.S. Equities 70 % 7.5 % 4.6 %

International Equities 30 7.8 4.9

Total Variable Fund 100 % 7.9 % 5.0 %

New England Pension Consultants Long Term US CPI (Inflation) Forecast: 2.75%

Asset Allocations are managed within established ranges, target percentages may differ from actual monthlyallocations

For purposes of determining asset allocation targets, investments may be categorized differently thanthey are within the financial statements. For example, SWIB’s management considers inflation-sensitiveassets separately from other “fixed income” investments for asset allocation purposes.


INVESTMENT SECTION

»WRS LARGEST HOLDINGS

WRS Largest Equity Holdings As of December 31, 2017

(In Thousands)Issuer Shares Fair Value % of Total Equities

APPLE INC 6,602,243 $ 1,117,298 1.77%ALPHABET INC 1,032,750 1,085,208 1.72MICROSOFT CORP 9,741,628 833,299 1.32AMAZON.COM INC 519,116 607,091 0.96FACEBOOK INC 2,965,624 523,314 0.83ROYAL DUTCH SHELL PLC 12,938,390 510,974 0.81JOHNSON & JOHNSON 3,250,253 454,125 0.72JPMORGAN CHASE & CO 4,132,160 441,893 0.70EXXON MOBIL CORP 5,129,429 429,025 0.68WELLS FARGO & CO 6,765,312 410,451 0.65

WRS Largest Fixed Income HoldingsAs of December 31, 2017

(In Thousands)

Security Coupon Rate Maturity Date Fair Value% of Total Fixed

IncomeUS TREAS-CPI INFLAT 0.125 4/15/2020 $ 589,231 1.92%US TREAS-CPI INFLAT 0.125 4/15/2021 586,110 1.91US TREAS-CPI INFLAT 0.125 4/15/2019 585,397 1.91US TREAS-CPI INFLAT 0.125 1/15/2023 546,475 1.78US TREAS-CPI INFLAT 0.625 1/15/2024 515,805 1.68US TREAS-CPI INFLAT 0.125 7/15/2024 500,117 1.63US TREAS-CPI INFLAT 0.625 1/15/2026 488,147 1.59US TREAS-CPI INFLAT 0.375 7/15/2025 474,792 1.55US TREAS-CPI INFLAT 0.125 1/15/2022 467,943 1.52US TREAS-CPI INFLAT 0.125 7/15/2022 463,208 1.51

US TREAS-CPI INFLAT - Treasury Inflation Protected Securities

Listing of largest holdings does not include externally managed commingled funds.

A complete list of WRS investments can be found using the following link.

http://www.swib.state.wi.us/publications


»WRS INVESTMENT FEES

Schedule of WRS Investment FeesFor the Calendar Year Ended December 31, 2017

(In Thousands)Core Fund Variable Fund

Investment Expense $ 478,382 $ 9,001Securities Lending Fees 7,791 551Total $ 486,173 $ 9,552

»INVESTMENT SUMMARY

Core Fund Summary of Investments by Asset TypeAs of December 31, 2017

(In Thousands)

Asset Type Fair Value% of Total

InvestmentsEquities $ 55,211,579 52.8%Fixed Income 30,709,368 29.4Limited Partnerships 12,212,410 11.7Multi Asset 4,701,121 4.5Real Estate 1,368,583 1.3Preferred Securities 229,559 0.2Convertible Securities 195 0.0To Be Announced Securities 95,489 0.1Foreign Currency Contracts (1,146) 0.0Option Contracts (3,830) 0.0Futures Contracts 46,685 0.0Swaps 4,171 0.0

Total Core Fund Investments $ 104,574,184 100.0%

Does not include investment-related liabilities.

Variable Fund Summary of Investments by Asset TypeAs of December 31, 2017

(In Thousands)

Asset Type Fair Value% of Total

InvestmentsEquities $ 8,029,482 99.8%Preferred Securities 12,115 0.2Foreign Currency Contracts 15 0.0Futures Contracts 394 0.0

Total Variable Fund Investments $ 8,042,006 100.0%


INVESTMENT SECTION

CONTRIBUTIONS PAIDAND EMPLOYERUNFUNDED LIABILITYBALANCES

Contributions

Name Covered Payroll Employer

Paid* Employee

Paid Total

UnfundedLiabilityBalance

State AgenciesADMINISTRATION, DEPT OF 64,339,353 5,315,935 4,375,093 9,691,028 0AGRIC TRADE CONS PROT, DEPT OF 34,362,560 2,783,356 2,336,665 5,120,022 0BD FOR PEOPLE WITH DEVELOP DIS 526,177 42,620 35,780 78,400 0BOARD AGING & LONG TERM CARE 1,725,935 139,800 117,364 257,164 0BRD OF COMMSRS OF PUBLIC LANDS 725,182 58,739 49,313 108,052 0CHILDREN & FAMILIES, DEPT OF 43,234,818 3,502,005 2,939,983 6,441,988 0CORRECTIONS, DEPT. OF 496,719,143 52,755,498 33,777,049 86,532,547 0COURTS - STATE 73,595,679 5,961,215 5,004,541 10,965,756 0DISTRICT ATTORNEYS 31,887,387 2,582,865 2,168,356 4,751,221 0EDUCATIONAL COMMUNICATIONS BD 2,450,638 198,501 166,644 365,145 0ELECTIONS COMMISSION 1,300,959 105,377 88,466 193,843 0EMPLOYEE TRUST FUNDS, DEPT OF 16,881,183 1,367,371 1,147,925 2,515,296 0EMPLOYMENT RELATIONS COMM 662,320 53,648 45,038 98,686 0ETHICS COMMISSION 431,617 34,961 29,350 64,311 0EXECUTIVE OFFICE 1,968,727 159,466 133,875 293,340 0FINANCIAL INSTITUTIONS, DEPT 8,705,085 705,109 591,949 1,297,058 0HEALTH SERVICES, DEPT OF 314,883,439 27,481,091 21,412,155 48,893,245 0HIGHER EDUCATIONAL AIDS BOARD 482,841 39,110 32,834 71,943 0HISTORICAL SOCIETY - STATE 9,439,726 764,614 641,905 1,406,519 0INSURANCE COMMISSIONR'S OFFICE 9,303,304 753,564 632,628 1,386,192 0INVESTMENT BOARD 28,521,252 2,310,217 1,939,450 4,249,667 0JUDICIAL COMMISSION 127,192 10,302 8,649 18,952 0JUDICIAL COUNCIL 52,088 4,219 3,542 7,761 0JUSTICE, DEPT OF 48,176,547 4,310,198 3,276,019 7,586,218 0KICKAPOO RESERVE MANGMT BD 265,591 21,513 18,060 39,573 0LABOR & INDUSTRY REVIEW COMM 1,450,507 117,490 98,635 216,126 0LEGIS ASSEMBLY - CHIEF CLERK 15,566,317 1,260,865 1,058,517 2,319,381 0LEGISLATIVE AUDIT BUREAU 4,979,303 403,322 338,594 741,916 0LEGISLATIVE COUNCIL STAFF 2,152,450 174,348 146,367 320,715 0LEGISLATIVE FISCAL BUREAU 2,439,219 197,576 165,867 363,444 0LEGISLATIVE REFERENCE BUREAU 3,201,550 259,325 217,706 477,031 0LEGISLATIVE TECH SERV BUREAU 2,634,387 213,385 179,139 392,524 0LEGISLATURE - SENATE 10,732,296 869,313 729,799 1,599,112 0LIEUTENANT GOVERNOR'S OFFICE 195,471 15,833 13,292 29,125 0LOWER WIS. STATE RIVERWAY BD. 126,464 10,244 8,600 18,843 0MILITARY AFFAIRS, DEPT OF 22,482,283 2,086,027 1,528,804 3,614,831 0NATURAL RESOURCES, DEPT OF 140,825,523 12,652,302 9,576,187 22,228,489 0PUBLIC DEFENDER'S OFFICE 35,109,306 2,843,839 2,387,447 5,231,287 0PUBLIC INSTRUCTION, DEPT OF 36,460,466 2,953,285 2,479,325 5,432,609 0PUBLIC SERVICE COMMISSION 9,089,690 736,261 618,103 1,354,364 0REVENUE, DEPT OF 65,830,466 5,359,505 4,476,495 9,836,000 0SAFETY & PROFESS SVCES, DEPT 12,085,240 978,901 821,799 1,800,701 0SECRETARY OF STATE'S OFFICE 163,396 13,235 11,111 24,346 0STATE FAIR PARK BOARD 4,301,460 353,752 292,501 646,253 0TOURISM, DEPARTMENT OF 1,578,378 127,848 107,331 235,178 0TRANSPORTATION, DEPT OF 200,152,621 17,737,508 13,610,439 31,347,947 0


CONTRIBUTIONS PAID AND UAAL

Contributions


Paid* Employee

Paid Total


TREASURER'S OFFICE - STATE 69,670 5,643 4,738 10,381 0VETERANS AFFAIRS, DEPT OF 57,240,079 4,652,785 3,892,339 8,545,124 0WIS TECH COLLEGE SYS BOARD 4,099,363 332,047 278,758 610,805 0WISCONSIN ECON DEVELOP CORP 7,495,150 509,667 509,673 1,019,340 0WORKFORCE DEVELOPMENT, DEPT OF 75,928,575 6,150,186 5,163,172 11,313,358 0Total State Agencies (51) 1,907,158,372 172,475,786 129,687,370 302,163,157 0

UNIVERSITY OF WISCONSIN SYSTEM 1,967,891,964 159,974,248 133,817,064 293,791,312 0

Public AuthoritiesFOX RIVER NAVIGATION SYS AUTH 148,693 12,044 10,111 22,155 0HEALTH & EDUC FACILITIES AUTH 336,509 34,997 22,883 57,880 0HOUSING & ECON DEVELOP AUTH 10,859,450 879,612 738,446 1,618,058 0UW HOSPITAL AUTHORITY 573,477,456 46,451,574 38,996,567 85,448,141 0WISCRAFT INC - ENT FOR BLIND 2,474,782 254,902 168,286 423,188 573,468Total Public Authorities (5) 587,296,890 47,633,128 39,936,293 87,569,422 573,468

Total State of Wisconsin (57) 4,462,347,226 380,083,163 303,440,727 683,523,890 573,468

CitiesABBOTSFORD, CITY OF 474,906 32,294 32,294 64,587 0ADAMS, CITY OF 650,198 59,743 44,214 103,957 75,358ALGOMA, CITY OF 3,253,275 230,883 221,223 452,106 0ALMA, CITY OF 306,385 22,622 20,834 43,456 43,021ALTOONA, CITY OF 2,372,501 201,953 161,331 363,284 0AMERY, CITY OF 1,366,249 112,224 92,905 205,129 (322)ANTIGO, CITY OF 4,435,880 437,188 301,641 738,829 0APPLETON, CITY OF 41,706,138 3,860,126 2,836,028 6,696,155 0ARCADIA, CITY OF 231,930 25,048 15,771 40,820 0ASHLAND, CITY OF 5,435,264 561,496 369,600 931,095 0AUGUSTA, CITY OF 593,499 48,226 40,358 88,584 0BARABOO, CITY OF 5,710,374 469,134 388,307 857,441 0BARRON, CITY OF 1,689,520 129,411 114,888 244,299 0BAYFIELD, CITY OF 604,586 47,437 41,112 88,548 0BEAVER DAM, CITY OF 7,224,049 811,997 491,237 1,303,235 2,423,835BELOIT, CITY OF 22,668,911 2,287,484 1,541,491 3,828,975 0BERLIN, CITY OF 2,267,572 185,007 154,196 339,203 0BLACK RIVER FALLS, CITY OF 2,603,542 202,622 177,042 379,665 0BLAIR, CITY OF 415,660 34,134 28,265 62,399 0BLOOMER, CITY OF 374,633 40,460 25,475 65,935 0BOSCOBEL, CITY OF 1,503,381 116,394 102,231 218,625 0BRILLION, CITY OF 1,017,368 90,858 69,181 160,039 0BRODHEAD, CITY OF 1,509,980 122,533 102,679 225,212 0BROOKFIELD, CITY OF 24,119,677 2,398,088 1,640,145 4,038,233 0BUFFALO CITY, CITY OF 56,624 3,850 3,850 7,701 0BURLINGTON, CITY OF 4,471,204 390,370 304,043 694,413 0CEDARBURG, CITY OF 6,313,813 498,688 429,341 928,029 0

2017 COMPREHENSIVE ANNUAL FINANCIAL REPORT 175CONTRIBUTIONS PAID AND UAAL

Contributions


Paid* Employee

Paid Total


CHETEK, CITY OF 218,141 23,559 14,834 38,393 0CHILTON, CITY OF 1,207,555 99,533 82,114 181,648 0CHIPPEWA FALLS, CITY OF 6,598,351 657,617 448,690 1,106,306 0CLINTONVILLE, CITY OF 2,704,938 213,785 183,937 397,722 0COLBY, CITY OF 394,328 26,814 26,814 53,629 0COLUMBUS, CITY OF 2,550,712 195,840 173,449 369,289 0CORNELL, CITY OF 566,055 42,958 38,492 81,450 0CRANDON, CITY OF 658,383 50,895 44,770 95,666 0CUBA CITY, CITY OF 693,404 54,227 47,152 101,379 0CUDAHY, CITY OF 8,421,798 866,404 572,684 1,439,089 0CUMBERLAND, CITY OF 946,168 76,377 64,340 140,717 0DARLINGTON, CITY OF 950,489 76,455 64,634 141,089 0DE PERE, CITY OF 9,670,369 958,129 657,588 1,615,717 0DELAFIELD, CITY OF 2,721,122 235,569 185,037 420,606 0DELAVAN, CITY OF 3,482,829 294,936 236,834 531,770 0DODGEVILLE, CITY OF 1,618,690 132,302 110,072 242,373 0DURAND, CITY OF 543,761 42,895 36,976 79,870 0EAGLE RIVER, CITY OF 1,640,547 126,908 111,558 238,466 0EAU CLAIRE, CITY OF 33,937,241 3,253,060 2,307,738 5,560,799 0EDGERTON, CITY OF 1,703,280 140,597 115,824 256,421 0ELKHORN, CITY OF 3,697,636 300,917 251,440 552,358 0ELROY, CITY OF 654,336 48,792 44,495 93,287 0EVANSVILLE, CITY OF 2,302,788 183,609 156,590 340,199 0FENNIMORE, CITY OF 1,304,347 99,853 88,696 188,549 0FITCHBURG, CITY OF 11,262,161 982,262 765,830 1,748,092 0FOND DU LAC, CITY OF 21,892,897 2,277,906 1,488,722 3,766,627 0FORT ATKINSON, CITY OF 4,673,411 392,844 317,794 710,638 0FOUNTAIN CITY, CITY OF 166,092 12,002 11,294 23,296 0FOX LAKE, CITY OF 457,184 34,018 31,089 65,107 0FRANKLIN, CITY OF 8,950,304 1,074,035 608,623 1,682,657 0GALESVILLE, CITY OF 496,765 41,976 33,780 75,756 0GILLETT, CITY OF 461,834 38,028 31,405 69,433 0GLENDALE, CITY OF 5,230,424 598,197 355,670 953,866 0GLENWOOD, CITY OF 99,966 10,796 6,798 17,594 0GREEN BAY, CITY OF 61,289,810 6,155,471 4,167,722 10,323,193 0GREEN LAKE, CITY OF 659,895 52,379 44,873 97,252 0GREENFIELD, CITY OF 16,118,577 1,527,552 1,096,068 2,623,619 0GREENWOOD, CITY OF 490,193 39,259 33,333 72,592 0HARTFORD, CITY OF 7,061,495 559,682 480,184 1,039,866 0HAYWARD, CITY OF 815,433 71,189 55,450 126,639 0HILLSBORO, CITY OF 567,348 43,527 38,580 82,106 0HORICON, CITY OF 1,334,852 108,744 90,770 199,515 0HUDSON, CITY OF 5,580,151 459,273 379,452 838,725 0HURLEY, CITY OF 963,616 79,905 65,526 145,431 0INDEPENDENCE, CITY OF 426,362 36,250 28,993 65,242 14,707JANESVILLE, CITY OF 31,900,965 3,133,139 2,169,266 5,302,404 0JEFFERSON, CITY OF 3,835,854 297,282 260,840 558,122 0



Contributions


Paid* Employee

Paid Total


JUNEAU, CITY OF 1,091,368 83,048 74,213 157,261 0KAUKAUNA, CITY OF 11,297,910 962,857 768,260 1,731,118 0KENOSHA, CITY OF 54,023,610 5,514,248 3,673,617 9,187,865 0KEWAUNEE, CITY OF 967,393 80,584 65,783 146,366 0KIEL, CITY OF 1,782,891 142,246 121,237 263,483 0LA CROSSE, CITY OF 32,414,141 3,085,838 2,204,162 5,290,000 0LADYSMITH, CITY OF 1,690,040 135,271 114,924 250,195 0LAKE GENEVA, CITY OF 4,850,466 405,444 329,833 735,277 0LAKE MILLS, CITY OF 3,119,628 242,279 212,136 454,414 (41,796)LANCASTER, CITY OF 1,351,315 107,320 91,889 199,210 0LODI, CITY OF 1,456,140 111,096 99,018 210,113 0LOYAL, CITY OF 415,590 36,201 28,260 64,462 12,031MADISON, CITY OF 201,265,312 18,440,817 13,686,076 32,126,893 0MANAWA, CITY OF 550,664 50,332 37,445 87,778 95,908MANITOWOC, CITY OF 21,532,539 1,980,334 1,464,218 3,444,552 0MARINETTE, CITY OF 5,535,805 536,231 376,436 912,666 0MARION, CITY OF 150,186 16,220 10,213 26,433 0MARKESAN, CITY OF 461,004 41,580 31,348 72,928 39,056MARSHFIELD, CITY OF 11,338,138 1,117,828 770,996 1,888,823 0MAUSTON, CITY OF 1,672,202 134,641 113,710 248,351 0MAYVILLE, CITY OF 1,775,275 139,133 120,719 259,852 0MEDFORD, CITY OF 2,164,969 169,535 147,219 316,754 0MELLEN, CITY OF 325,880 25,466 22,160 47,626 0MENASHA, CITY OF 9,101,018 977,170 618,871 1,596,041 0MENOMONIE, CITY OF 7,455,854 789,587 507,000 1,296,587 0MEQUON, CITY OF 7,986,271 711,312 543,069 1,254,380 0MERRILL, CITY OF 6,746,320 662,087 458,752 1,120,839 0MIDDLETON, CITY OF 10,329,320 866,915 702,394 1,569,309 0MILTON, CITY OF 2,107,121 173,247 143,285 316,531 0MINERAL POINT, CITY OF 749,059 64,285 50,936 115,221 3,187MONDOVI, CITY OF 790,806 62,788 53,775 116,563 0MONONA, CITY OF 4,483,495 398,271 304,879 703,149 0MONROE, CITY OF 5,083,462 418,095 345,676 763,771 0MONTELLO, CITY OF 366,223 31,432 24,903 56,336 49,773MONTREAL, CITY OF 153,251 10,421 10,421 20,842 0MOSINEE, CITY OF 1,138,846 97,006 77,442 174,448 0MUSKEGO, CITY OF 7,095,534 620,609 482,496 1,103,105 0NEENAH, CITY OF 13,810,125 1,363,474 939,091 2,302,566 0NEILLSVILLE, CITY OF 1,082,780 87,853 73,629 161,483 0NEKOOSA, CITY OF 1,404,034 113,489 95,475 208,964 0NEW BERLIN, CITY OF 16,589,277 1,545,788 1,128,078 2,673,866 0NEW HOLSTEIN, CITY OF 1,912,106 148,378 130,024 278,402 0NEW LISBON, CITY OF 786,014 61,999 53,449 115,449 0NEW LONDON, CITY OF 4,554,547 360,240 309,711 669,951 0NEW RICHMOND, CITY OF 4,532,158 396,843 308,188 705,031 97,601NIAGARA, CITY OF 693,003 56,341 47,124 103,465 0OAK CREEK, CITY OF 19,181,463 1,871,865 1,304,343 3,176,208 0


Contributions


Paid* Employee

Paid Total


OCONOMOWOC, CITY OF 7,978,650 617,253 542,551 1,159,804 0OCONTO FALLS, CITY OF 1,483,134 114,605 100,854 215,459 0OCONTO, CITY OF 2,414,851 237,151 164,211 401,362 0OMRO, CITY OF 1,176,072 95,813 79,974 175,787 0ONALASKA, CITY OF 5,435,875 504,611 369,641 874,252 0OSHKOSH, CITY OF 36,243,910 3,479,587 2,464,598 5,944,185 0OSSEO, CITY OF 592,876 48,232 40,316 88,548 0OWEN, CITY OF 437,644 34,715 29,760 64,475 0PARK FALLS, CITY OF 1,187,928 95,395 80,780 176,174 0PESHTIGO, CITY OF 340,143 36,735 23,130 59,865 0PHILLIPS, CITY OF 873,374 84,596 59,390 143,986 21,397PITTSVILLE, CITY OF 68,389 7,386 4,650 12,037 0PLATTEVILLE, CITY OF 4,148,866 328,550 282,125 610,674 0PLYMOUTH, CITY OF 4,106,943 325,225 279,273 604,498 0PORT WASHINGTON, CITY OF 5,032,874 417,559 342,237 759,796 0PORTAGE, CITY OF 4,382,904 394,291 298,039 692,329 0PRAIRIE DU CHIEN, CITY OF 1,940,626 162,728 131,963 294,691 0PRESCOTT, CITY OF 1,359,538 114,205 92,449 206,654 0PRINCETON, CITY OF 552,465 45,292 37,568 82,859 0RACINE, CITY OF 49,607,264 5,133,738 3,373,307 8,507,046 0REEDSBURG, CITY OF 5,211,315 404,127 354,369 758,497 0RHINELANDER, CITY OF 5,793,806 567,425 393,980 961,405 0RICE LAKE, CITY OF 5,481,080 507,258 372,715 879,973 0RICHLAND CENTER, CITY OF 2,624,216 204,741 178,448 383,188 0RIPON, CITY OF 2,910,260 233,651 197,899 431,550 0RIVER FALLS, CITY OF 7,708,242 591,751 524,163 1,115,914 0SCHOFIELD, CITY OF 438,192 31,514 29,797 61,311 0SEYMOUR, CITY OF 1,077,369 85,041 73,261 158,302 0SHAWANO, CITY OF 3,227,578 274,059 219,476 493,536 0SHEBOYGAN FALLS, CITY OF 2,561,010 214,938 174,149 389,088 0SHEBOYGAN, CITY OF 26,534,421 2,500,053 1,804,346 4,304,399 0SHELL LAKE, CITY OF 545,977 43,520 37,127 80,647 0SHULLSBURG, CITY OF 406,825 30,035 27,665 57,699 0SOUTH MILWAUKEE, CITY OF 9,745,969 1,149,988 662,728 1,812,717 0SPARTA, CITY OF 3,370,265 279,009 229,179 508,188 0SPOONER, CITY OF 1,438,662 113,372 97,829 211,201 0ST CROIX FALLS, CITY OF 910,640 77,238 61,924 139,162 0ST FRANCIS, CITY OF 4,811,051 556,942 327,152 884,094 0STANLEY, CITY OF 672,335 56,103 45,719 101,821 0STEVENS POINT, CITY OF 13,167,108 1,304,602 895,368 2,199,970 0STOUGHTON, CITY OF 6,542,867 511,908 444,917 956,825 0STURGEON BAY, CITY OF 5,675,256 529,424 385,920 915,344 0SUN PRAIRIE, CITY OF 10,367,656 894,822 705,002 1,599,824 0SUPERIOR, CITY OF 16,579,798 1,756,525 1,127,430 2,883,956 0THORP, CITY OF 519,615 42,147 35,334 77,481 0TOMAH, CITY OF 4,346,145 350,539 295,539 646,078 0TOMAHAWK, CITY OF 1,528,747 123,896 103,955 227,851 0



Contributions


Paid* Employee

Paid Total


TWO RIVERS, CITY OF 7,920,635 958,694 538,605 1,497,300 2,431,842VERONA, CITY OF 5,372,914 464,119 365,360 829,479 0VIROQUA, CITY OF 1,784,512 232,203 121,348 353,550 1,303,455WASHBURN, CITY OF 888,840 70,588 60,442 131,029 0WATERLOO, CITY OF 1,696,206 139,040 115,343 254,383 0WATERTOWN, CITY OF 9,898,702 894,591 673,115 1,567,706 0WAUKESHA, CITY OF 37,758,962 3,668,840 2,567,622 6,236,461 0WAUPACA, CITY OF 3,176,273 255,634 215,987 471,620 0WAUPUN, CITY OF 3,915,647 322,712 266,265 588,977 0WAUSAU, CITY OF 18,937,612 1,872,657 1,287,758 3,160,415 0WAUTOMA, CITY OF 753,787 62,089 51,258 113,346 0WAUWATOSA, CITY OF 29,777,290 3,061,333 2,024,862 5,086,195 0WEST ALLIS, CITY OF 37,369,578 3,704,972 2,541,140 6,246,112 0WEST BEND, CITY OF 13,712,223 1,399,874 932,435 2,332,309 0WESTBY, CITY OF 843,592 64,124 57,365 121,488 0WEYAUWEGA, CITY OF 628,970 51,705 42,770 94,475 0WHITEHALL, CITY OF 922,001 70,540 62,696 133,237 0WHITEWATER, CITY OF 5,085,068 418,285 345,786 764,070 0WISCONSIN DELLS, CITY OF 3,239,189 263,603 220,266 483,869 0WISCONSIN RAPIDS, CITY OF 15,303,790 1,387,189 1,040,662 2,427,851 0Total Cities (188) 1,379,211,051 130,171,150 93,786,673 223,957,823 6,569,054

VillagesADELL, VILLAGE OF 116,412 7,916 7,916 15,832 0ALBANY, VILLAGE OF 426,295 34,914 28,988 63,902 0ALLOUEZ, VILLAGE OF 1,924,680 130,877 130,879 261,757 0AMHERST, VILLAGE OF 245,681 16,706 16,706 33,413 0ARGYLE, VILLAGE OF 262,256 20,261 17,833 38,094 0ARLINGTON, VILLAGE OF 116,735 7,938 7,938 15,876 0ASHWAUBENON, VILLAGE OF 7,891,522 750,285 536,626 1,286,911 0ATHENS, VILLAGE OF 247,185 19,088 16,809 35,897 0AVOCA, VILLAGE OF 122,525 8,332 8,332 16,663 0BALDWIN, VILLAGE OF 1,476,751 129,759 100,420 230,179 0BALSAM LAKE, VILLAGE OF 359,801 30,486 24,467 54,952 4,739BANGOR, VILLAGE OF 908,433 66,969 61,773 128,743 0BAY CITY, VILLAGE OF 111,646 7,592 7,592 15,184 0BAYSIDE, VILLAGE OF 2,972,131 244,114 202,106 446,219 0BELGIUM, VILLAGE OF 314,410 21,380 21,380 42,760 0BELLEVILLE, VILLAGE OF 891,618 73,242 60,630 133,872 0BELLEVUE, VILLAGE OF (BROWN) 1,924,724 151,823 130,882 282,705 0BELMONT, VILLAGE OF 344,089 27,013 23,399 50,412 0BENTON, VILLAGE OF 241,796 16,442 16,442 32,884 0BIG BEND, VILLAGE OF 425,267 38,645 28,918 67,563 0BIRCHWOOD, VILLAGE OF 180,824 14,447 12,296 26,743 0BIRNAMWOOD, VILLAGE OF 73,779 5,017 5,017 10,034 0BIRON, VILLAGE OF 238,064 16,188 16,189 32,377 0BLACK CREEK, VILLAGE OF 337,544 25,011 22,953 47,965 0


Contributions


Paid* Employee

Paid Total


BLACK EARTH, VILLAGE OF 301,074 20,473 20,473 40,946 0BLANCHARDVILLE, VILLAGE OF 171,078 11,633 11,633 23,267 0BLOOMFIELD, VILLAGE OF 1,070,117 93,431 72,768 166,199 0BLUE MOUNDS, VILLAGE OF 210,537 16,381 14,317 30,698 0BLUE RIVER, VILLAGE OF 112,209 7,630 7,630 15,260 0BOYCEVILLE, VILLAGE OF 315,844 29,780 21,477 51,258 12,191BOYD, VILLAGE OF 203,688 14,895 13,851 28,746 0BRANDON, VILLAGE OF 234,880 15,972 15,972 31,944 0BRISTOL, VILLAGE OF 774,920 74,152 52,695 126,847 317,204BROOKLYN, VILLAGE OF 324,537 24,132 22,069 46,201 0BROWN DEER, VILLAGE OF 4,989,401 435,738 339,281 775,019 0BROWNSVILLE, VILLAGE OF 154,760 10,524 10,524 21,047 0BROWNTOWN, VILLAGE OF 62,007 4,216 4,216 8,433 0BRUCE, VILLAGE OF 172,449 11,727 11,727 23,453 0BUTLER, VILLAGE OF 953,656 87,726 64,849 152,574 0CADOTT, VILLAGE OF 609,038 48,177 41,415 89,592 0CALEDONIA, VILLAGE OF (RACINE) 9,547,134 1,030,223 649,208 1,679,431 0CAMBRIA, VILLAGE OF 213,450 14,515 14,515 29,029 0CAMBRIDGE, VILLAGE OF 397,950 27,061 27,061 54,121 0CAMERON, VILLAGE OF 431,356 35,539 29,332 64,872 0CAMP DOUGLAS, VILLAGE OF 122,276 8,315 8,315 16,630 0CAMPBELLSPORT, VILLAGE OF 473,189 34,744 32,177 66,921 0CASCADE, VILLAGE OF 116,852 7,946 7,946 15,892 0CASCO, VILLAGE OF 59,183 4,024 4,024 8,049 0CASHTON, VILLAGE OF 542,875 40,822 36,916 77,738 0CEDAR GROVE, VILLAGE OF 330,602 22,481 22,481 44,962 0CENTURIA, VILLAGE OF 341,797 32,607 23,242 55,849 109,920CHASEBURG, VILLAGE OF 69,981 4,759 4,759 9,517 0CHENEQUA, VILLAGE OF 801,699 79,385 54,516 133,901 0CLAYTON, VILLAGE OF 169,177 13,344 11,504 24,848 0CLEAR LAKE, VILLAGE OF 471,624 38,593 32,071 70,663 0CLEVELAND, VILLAGE OF 416,711 33,369 28,337 61,706 0CLINTON, VILLAGE OF 666,571 57,351 45,327 102,678 0CLYMAN, VILLAGE OF 124,246 8,697 8,449 17,146 2,013COBB, VILLAGE OF 81,151 5,518 5,518 11,036 0COCHRANE, VILLAGE OF 86,238 5,864 5,864 11,728 0COLEMAN, VILLAGE OF 216,015 16,412 14,689 31,101 0COLFAX, VILLAGE OF 476,747 35,892 32,419 68,310 0COLOMA, VILLAGE OF 214,771 15,786 14,605 30,391 0COMBINED LOCKS, VILLAGE OF 413,823 32,278 28,140 60,418 219,057COON VALLEY, VILLAGE OF 207,277 15,462 14,095 29,557 0COTTAGE GROVE, VILLAGE OF 1,627,015 136,529 110,637 247,166 0CRIVITZ, VILLAGE OF 303,742 24,442 20,655 45,096 0CROSS PLAINS, VILLAGE OF 1,064,651 101,321 72,397 173,718 77,315DALLAS, VILLAGE OF 38,074 2,589 2,589 5,178 0DANE, VILLAGE OF 200,375 14,311 13,626 27,936 0DARIEN, VILLAGE OF 356,815 24,263 24,264 48,527 0



Contributions


Paid* Employee

Paid Total


DE SOTO, VILLAGE OF 70,912 4,822 4,822 9,644 0DEERFIELD, VILLAGE OF 444,726 30,241 30,241 60,483 0DEFOREST, VILLAGE OF 3,336,402 287,352 226,876 514,229 0DENMARK, VILLAGE OF 289,610 19,693 19,694 39,387 0DICKEYVILLE, VILLAGE OF 227,854 17,731 15,494 33,225 0DOUSMAN, VILLAGE OF 212,367 14,441 14,441 28,882 0DRESSER, VILLAGE OF 249,976 19,391 16,998 36,389 0EAGLE, VILLAGE OF 279,659 24,561 19,017 43,578 0EAST TROY, VILLAGE OF 1,368,696 116,793 93,072 209,864 0EASTMAN, VILLAGE OF 74,249 5,049 5,049 10,098 0EDGAR, VILLAGE OF 261,072 19,638 17,753 37,391 0EGG HARBOR, VILLAGE OF 440,971 29,986 29,986 59,972 0ELEVA, VILLAGE OF 193,970 15,118 13,191 28,309 0ELK MOUND, VILLAGE OF 285,426 19,643 19,409 39,052 0ELKHART LAKE, VILLAGE OF 616,787 49,975 41,942 91,916 0ELLSWORTH, VILLAGE OF 957,123 78,912 65,085 143,997 0ELM GROVE, VILLAGE OF 3,172,314 278,622 215,718 494,340 0ELMWOOD, VILLAGE OF 191,342 14,146 13,011 27,158 0EPHRAIM, VILLAGE OF 352,928 23,999 23,999 47,998 0ETTRICK, VILLAGE OF 147,372 10,021 10,021 20,043 0FAIRWATER, VILLAGE OF 64,149 4,362 4,362 8,724 0FALL CREEK, VILLAGE OF 340,221 27,069 23,135 50,205 0FALL RIVER, VILLAGE OF 289,940 24,209 19,716 43,925 0FERRYVILLE, VILLAGE OF 33,415 2,272 2,272 4,544 0FONTANA ON GNVA LK, VILLAGE OF 1,426,499 115,386 97,002 212,389 0FOX CROSSING, VILLAGE OF 5,301,377 459,118 360,495 819,612 0FOX POINT, VILLAGE OF 3,396,748 302,961 230,980 533,941 0FREDERIC, VILLAGE OF 348,201 25,963 23,678 49,641 0FREMONT, VILLAGE OF 160,933 13,338 10,943 24,281 0FRIENDSHIP, VILLAGE OF 199,103 18,915 13,539 32,454 12,067GAYS MILLS, VILLAGE OF 162,471 11,048 11,048 22,096 0GENOA CITY, VILLAGE OF 888,267 74,401 60,402 134,804 0GERMANTOWN, VILLAGE OF 6,970,048 597,940 473,965 1,071,906 0GILMAN, VILLAGE OF 180,487 14,305 12,274 26,579 0GRAFTON, VILLAGE OF 5,037,706 420,481 342,565 763,046 0GRANTON, VILLAGE OF 169,581 11,531 11,532 23,063 0GRANTSBURG, VILLAGE OF 541,142 43,794 36,798 80,592 0GREENDALE, VILLAGE OF 6,617,740 751,031 450,008 1,201,039 0GRESHAM, VILLAGE OF 385,298 26,200 26,200 52,401 0HALES CORNERS, VILLAGE OF 2,573,120 236,485 174,973 411,458 0HAMMOND, VILLAGE OF 559,594 45,802 38,053 83,855 0HARRISON,VILLAGE OF 657,579 44,715 44,716 89,431 0HARTLAND, VILLAGE OF 3,350,299 288,347 227,822 516,169 0HAUGEN, VILLAGE OF 37,024 2,518 2,518 5,035 0HAWKINS, VILLAGE OF 90,004 8,370 6,120 14,491 6,962HAZEL GREEN, VILLAGE OF 444,708 34,311 30,240 64,551 0HIGHLAND, VILLAGE OF 197,035 15,004 13,398 28,402 0


Contributions


Paid* Employee

Paid Total


HILBERT, VILLAGE OF 232,908 15,838 15,838 31,675 0HIXTON, VILLAGE OF 73,938 5,767 5,028 10,795 9,734HOBART, VILLAGE OF 1,200,250 104,125 81,618 185,743 0HOLLANDALE, VILLAGE OF 23,990 1,631 1,631 3,263 0HOLMEN, VILLAGE OF 1,947,919 163,413 132,459 295,872 0HORTONVILLE, VILLAGE OF 931,295 74,798 63,329 138,126 0HOWARD, VILLAGE OF 2,779,117 197,483 188,981 386,465 0HOWARDS GROVE, VILLAGE OF 350,014 23,801 23,801 47,602 0HUSTISFORD, VILLAGE OF 644,798 51,584 43,847 95,430 70,103IOLA, VILLAGE OF 516,070 42,521 35,093 77,614 0IRON RIDGE, VILLAGE OF 171,156 12,957 11,639 24,596 0JACKSON, VILLAGE OF 2,278,883 194,376 154,965 349,340 0JOHNSON CREEK, VILLAGE OF 863,071 66,682 58,689 125,371 0JUNCTION CITY, VILLAGE OF 66,940 7,430 4,552 11,982 80,573KENDALL, VILLAGE OF 142,332 9,679 9,679 19,357 0KEWASKUM, VILLAGE OF 1,143,759 101,025 77,776 178,801 0KIMBERLY, VILLAGE OF 1,416,762 96,339 96,341 192,680 0KOHLER, VILLAGE OF 1,049,530 92,700 71,368 164,069 0KRONENWETTER, VILLAGE OF 1,253,433 105,206 85,234 190,440 0LA FARGE, VILLAGE OF 392,320 28,361 26,678 55,039 0LA VALLE, VILLAGE OF 69,617 4,734 4,734 9,468 0LAC LA BELLE, VILLAGE OF 18,415 1,252 1,252 2,505 0LAKE DELTON, VILLAGE OF 2,767,538 255,428 188,194 443,622 0LAKE HALLIE, VILLAGE OF 861,724 79,491 58,597 138,088 0LAKE NEBAGAMON, VILLAGE OF 179,994 12,240 12,240 24,479 0LANNON, VILLAGE OF 118,686 10,282 8,071 18,353 0LENA, VILLAGE OF 221,523 16,959 15,064 32,023 0LINDEN, VILLAGE OF 140,339 10,078 9,543 19,622 0LITTLE CHUTE, VILLAGE OF 3,991,649 344,841 271,433 616,274 0LOGANVILLE, VILLAGE OF 42,741 2,906 2,906 5,813 0LOMIRA, VILLAGE OF 508,972 42,359 34,610 76,969 0LUCK, VILLAGE OF 526,874 45,015 35,828 80,843 28,490LUXEMBURG, VILLAGE OF 261,584 19,693 17,788 37,481 0MAPLE BLUFF, VILLAGE OF 1,049,243 103,165 71,349 174,514 0MARATHON CITY, VILLAGE OF 469,562 37,177 31,930 69,107 0MARSHALL, VILLAGE OF 1,056,041 90,882 71,811 162,693 0MATTOON, VILLAGE OF 82,816 5,631 5,631 11,263 0MAZOMANIE, VILLAGE OF 368,883 25,084 25,084 50,168 0MCFARLAND, VILLAGE OF 3,178,137 275,789 216,114 491,903 0MENOMONEE FALLS, VILLAGE OF 13,809,611 1,233,130 939,058 2,172,188 0MILLTOWN, VILLAGE OF 324,620 25,514 22,075 47,588 0MINONG, VILLAGE OF 239,013 19,949 16,253 36,202 0MISHICOT, VILLAGE OF 348,244 28,146 23,681 51,826 0MONTFORT, VILLAGE OF 138,268 9,402 9,402 18,804 0MONTICELLO, VILLAGE OF 307,660 24,297 20,921 45,218 0MOUNT HOREB, VILLAGE OF 2,938,088 235,423 199,791 435,214 0MT PLEASANT, VILLAGE OF(RACINE 10,197,558 1,063,686 693,436 1,757,121 0



Contributions


Paid* Employee

Paid Total


MUKWONAGO, VILLAGE OF 3,605,475 311,557 245,174 556,731 0MUSCODA, VILLAGE OF 550,886 43,653 37,460 81,113 0NECEDAH, VILLAGE OF 335,690 24,804 22,827 47,631 0NESHKORO, VILLAGE OF 79,902 11,506 5,433 16,939 121,520NEW GLARUS, VILLAGE OF 1,018,290 78,821 69,244 148,066 0NEWBURG, VILLAGE OF 122,678 8,342 8,342 16,684 0NICHOLS, VILLAGE OF 44,304 3,013 3,013 6,025 0NORTH FOND DU LAC, VILLAGE OF 2,305,967 197,640 156,806 354,446 0NORTH FREEDOM, VILLAGE OF 90,935 6,183 6,184 12,367 0NORTH HUDSON, VILLAGE OF 592,252 51,031 40,273 91,305 0OCONOMOWOC LAKE, VILLAGE OF 646,893 65,420 43,989 109,409 0ONTARIO, VILLAGE OF 163,387 12,673 11,110 23,783 0OOSTBURG, VILLAGE OF 434,557 29,550 29,550 59,100 0OREGON, VILLAGE OF 3,023,801 251,047 205,620 456,666 0ORFORDVILLE, VILLAGE OF 336,440 24,545 22,878 47,423 0OSCEOLA, VILLAGE OF 829,598 67,880 56,413 124,293 0OXFORD, VILLAGE OF (MARQUETTE) 131,664 10,086 8,953 19,039 0PADDOCK LAKE, VILLAGE OF 369,272 25,110 25,111 50,221 0PARDEEVILLE, VILLAGE OF 488,505 33,218 33,218 66,437 0PEPIN, VILLAGE OF 219,620 16,902 14,934 31,837 0PEWAUKEE, VILLAGE OF 2,957,970 257,418 201,143 458,561 0PLAIN, VILLAGE OF 236,694 16,095 16,095 32,190 0PLAINFIELD, VILLAGE OF 208,065 17,133 14,148 31,281 0PLEASANT PRAIRIE,VILLAGE OF 13,042,279 1,074,973 886,876 1,961,849 0PLOVER, VILLAGE OF 3,771,158 317,877 256,440 574,317 0PORT EDWARDS, VILLAGE OF 772,095 61,211 52,503 113,714 0POUND, VILLAGE OF 78,883 5,364 5,364 10,728 0POYNETTE, VILLAGE OF 756,618 60,491 51,450 111,942 0PRAIRIE DU SAC, VILLAGE OF 1,159,749 78,863 78,863 157,726 0PRAIRIE FARM, VILLAGE OF 928,401 63,131 63,131 126,263 0PULASKI, VILLAGE OF 1,090,786 92,836 74,174 167,009 0RANDOLPH, VILLAGE OF 470,049 51,360 31,963 83,324 88,908RANDOM LAKE, VILLAGE OF 344,789 23,445 23,446 46,891 0RIB LAKE, VILLAGE OF 152,773 10,388 10,389 20,777 0RIO, VILLAGE OF 300,561 24,205 20,438 44,643 0RIVER HILLS, VILLAGE OF 1,421,710 133,446 96,677 230,123 0ROBERTS, VILLAGE OF 661,033 53,444 44,950 98,395 0ROCHESTER, VILLAGE OF 241,939 16,452 16,452 32,904 0ROCK SPRINGS, VILLAGE OF 62,991 4,283 4,283 8,567 0ROCKLAND, VILLAGE OF 127,440 8,666 8,666 17,332 0ROSENDALE, VILLAGE OF 191,756 15,271 13,039 28,310 0ROSHOLT, VILLAGE OF 69,994 4,760 4,760 9,519 0ROTHSCHILD, VILLAGE OF 1,545,619 133,915 105,102 239,017 0SALEM LAKES, VILLAGE OF 1,518,481 118,985 103,257 222,242 0SAUK CITY, VILLAGE OF 947,463 64,427 64,428 128,855 0SAUKVILLE, VILLAGE OF 1,817,800 155,715 123,611 279,327 0SHARON, VILLAGE OF 595,651 51,932 40,504 92,436 0


Contributions


Paid* Employee

Paid Total


SHERWOOD, VILLAGE OF 358,521 24,379 24,380 48,759 0SHIOCTON, VILLAGE OF 261,705 19,666 17,796 37,462 0SHOREWOOD HILLS, VILLAGE OF 1,202,624 98,797 81,779 180,575 0SHOREWOOD, VILLAGE OF 4,732,568 408,419 321,816 730,235 0SIREN, VILLAGE OF 354,245 28,991 24,089 53,079 0SISTER BAY, VILLAGE OF 685,940 46,644 46,644 93,288 0SLINGER, VILLAGE OF 1,960,674 164,337 133,327 297,664 0SOLDIERS GROVE, VILLAGE OF 140,930 17,334 9,583 26,918 152,945SOLON SPRINGS, VILLAGE OF 124,577 8,471 8,471 16,943 0SOMERS, VILLAGE OF 1,709,958 148,863 116,277 265,140 0SOMERSET, VILLAGE OF 995,562 81,519 67,699 149,218 0SOUTH WAYNE, VILLAGE OF 82,160 5,587 5,587 11,174 0SPENCER, VILLAGE OF 505,890 41,486 34,400 75,887 0SPRING GREEN, VILLAGE OF 535,780 42,749 36,433 79,182 0SPRING VALLEY, VILLAGE OF 306,377 23,636 20,834 44,470 0ST NAZIANZ, VILLAGE OF 178,479 12,137 12,137 24,273 0STOCKBRIDGE, VILLAGE OF 29,832 2,029 2,029 4,057 0STRATFORD, VILLAGE OF 482,168 36,870 32,788 69,658 0STRUM, VILLAGE OF 297,572 28,186 20,235 48,421 19,209SUAMICO, VILLAGE OF 1,086,583 75,238 73,888 149,126 0SULLIVAN, VILLAGE OF 93,738 6,374 6,374 12,748 0SUMMIT, VILLAGE OF (WAUKESHA) 1,211,565 114,963 82,386 197,349 0SURING, VILLAGE OF 222,248 18,384 15,113 33,497 45,990SUSSEX, VILLAGE OF 2,642,994 194,858 179,725 374,583 0THIENSVILLE, VILLAGE OF 1,131,597 96,532 76,949 173,481 0TREMPEALEAU, VILLAGE OF 743,581 56,848 50,564 107,412 0TURTLE LAKE, VILLAGE OF 583,323 49,815 39,666 89,481 0TWIN LAKES, VILLAGE OF 2,363,413 198,632 160,713 359,345 0UNION CENTER, VILLAGE OF 124,797 9,027 8,486 17,513 0UNION GROVE, VILLAGE OF 783,780 53,297 53,297 106,594 0VALDERS, VILLAGE OF 481,618 32,750 32,750 65,500 0WALWORTH, VILLAGE OF 802,046 76,363 54,540 130,903 9,132WARRENS, VILLAGE OF 142,028 9,658 9,658 19,316 0WAUNAKEE, VILLAGE OF 3,961,612 326,957 269,391 596,348 0WAUSAUKEE, VILLAGE OF 117,797 8,010 8,010 16,020 0WAUZEKA, VILLAGE OF 93,686 6,371 6,371 12,741 0WEST BARABOO, VILLAGE OF 235,749 16,031 16,031 32,062 0WEST MILWAUKEE, VILLAGE OF 2,799,424 307,235 190,361 497,596 2,516,121WEST SALEM, VILLAGE OF 971,086 82,201 66,034 148,235 0WESTFIELD, VILLAGE OF 337,390 26,755 22,943 49,697 0WESTON, VILLAGE OF (MARATHON) 2,011,379 136,774 136,774 273,548 0WHITE LAKE, VILLAGE OF 104,037 7,075 7,075 14,149 0WHITEFISH BAY, VILLAGE OF 4,148,292 358,764 282,084 640,847 0WHITELAW, VILLAGE OF 90,018 6,121 6,121 12,242 0WHITING, VILLAGE OF 231,727 15,757 15,758 31,515 0WILD ROSE, VILLAGE OF 244,280 19,972 16,611 36,583 0WILLIAMS BAY, VILLAGE OF 1,223,899 113,396 83,226 196,621 77,596



Contributions


Paid* Employee

Paid Total


WILSON, VILLAGE OF 44,339 3,192 3,015 6,207 4,583WIND POINT, VILLAGE OF 208,564 14,182 14,182 28,365 0WINDSOR, VILLAGE OF 905,549 61,577 61,577 123,155 0WINNECONNE, VILLAGE OF 812,321 65,476 55,238 120,714 0WITHEE, VILLAGE OF 106,660 7,253 7,253 14,506 0WONEWOC, VILLAGE OF 290,534 21,775 19,756 41,531 0WOODVILLE, VILLAGE OF 546,484 45,544 37,161 82,705 0WRIGHTSTOWN, VILLAGE OF 725,822 57,477 49,356 106,833 0WYOCENA, VILLAGE OF 130,163 8,851 8,851 17,702 0Total Villages (268) 267,252,600 22,952,406 18,173,253 41,125,658 3,986,369

Special DistrictsADRC OF THE NORTHWOODS 293,303 19,944 19,945 39,889 0ALBANY HOUSING AUTHORITY 39,335 2,675 2,675 5,350 0ALGOMA CITY HOUSING AUTH 52,951 3,601 3,601 7,201 0ALGOMA SANITARY DIST 443,848 30,182 30,182 60,363 0ALLENTON SANITARY DIST 11,215 763 763 1,525 0ALTOONA CITY HOUSING AUTHORITY 0 0 0 0 4,225ANTIGO CITY HOUSING AUTH 278,478 18,937 18,937 37,873 0APPLETON CITY HOUSING AUTH 808,944 55,008 55,008 110,016 0ASHLAND CITY HOUSING AUTH 292,597 22,237 19,897 42,134 12,778ASHLAND COUNTY HOUSING AUTH 574,700 39,080 39,080 78,159 0BARABOO DISTRICT AMBULANCE 1,584,651 168,395 107,756 276,151 0BARRON CO HOUSING AUTHORITY 137,953 9,381 9,381 18,762 0BAY AREA RURAL TRANSIT COMMISS 349,445 23,762 23,762 47,524 0BAYFIELD COUNTY HOUSING AUTH 110,969 7,546 7,546 15,092 0BAY-LAKE REGIONAL PLAN COMM 387,909 26,378 26,378 52,756 0BIG CEDAR LAKE PROT/REHAB DIST 58,146 4,347 3,954 8,300 0BROCKWAY SANITARY DISTRICT #1 102,864 6,995 6,995 13,990 0BRUCE VILLAGE HOUSING AUTH 68,810 4,679 4,679 9,358 0BURLINGTON CITY HOUSING AUTH 43,000 2,924 2,924 5,848 0CAMBRIDGE-OAKLAND WSTEWTR COMM 118,095 8,030 8,030 16,061 0CAPITAL AREA REG PLAN COMM 568,541 38,661 38,661 77,322 0CENTRAL BROWN CTY WATER AUTH 94,040 6,395 6,395 12,789 0CHILTON CITY HOUSING AUTH 38,141 2,594 2,594 5,187 0CHIPPEWA CO HOUSING AUTH 447,302 30,416 30,417 60,833 0CHIPPEWA FIRE DISTRICT 894,273 95,205 60,811 156,016 0CHRISTMAS MOUNTAIN SAN DIST 32,373 2,201 2,201 4,403 0CITY-COUNTY DATA CENTER COMM 1,969,131 133,901 133,901 267,802 0CLINTONVILLE CITY HOUS AUTH 102,386 6,962 6,962 13,925 0COLBY/ABBOTSFORD JT POLICE COM 424,876 44,611 28,892 73,503 0CONSOL KOSHKONONG SANITARY DIS 330,917 22,502 22,502 45,005 0COUNTRY ESTATES SAN DIST 31,225 2,123 2,123 4,247 0CROSS PLAINS AREA EMS 90,032 9,211 6,122 15,333 0CUMBERLAND MUNICIPAL UTILITY 660,726 44,929 44,930 89,859 0DANE COUNTY DIST #1 EMS 60,265 6,509 4,098 10,607 0DANE COUNTY HOUSING AUTHORITY 550,753 44,060 37,451 81,511 416,557


Contributions


Paid* Employee

Paid Total


DANE-IOWA WASTEWATER COMM 163,881 11,144 11,144 22,288 0DARBOY JOINT SANITARY DIST #1 278,556 18,942 18,942 37,884 0DEER-GROVE EMS DIST 492,846 52,676 33,514 86,190 0DEFOREST WINDSOR FIRE & EMS 412,761 43,101 28,068 71,168 0DELAFIELD-HARTL WATER POL CNTL 518,236 35,240 35,240 70,480 0DELAVAN LAKE SANITARY DISTRICT 455,822 30,996 30,996 61,992 0DELLS-DELTON EMS COMM 1,222,900 130,428 83,158 213,586 0DELTON FIRE & AMBULANCE COMM 62,591 4,512 4,256 8,768 0DODGE COUNTY HOUSING AUTHORITY 149,392 10,159 10,159 20,317 0DOOR CTY TOURISM ZONE COMM 20,618 1,402 1,402 2,804 0EAGLE RIVER UNION AIRPORT 112,441 7,646 7,646 15,292 0EAST CENTRAL WIS REG PLAN COMM 1,228,151 83,513 83,515 167,029 0EASTERN COLUMBIA CTY JM COURT 58,360 3,969 3,968 7,937 0EAU CLAIRE CITY HOUSING AUTH 544,950 37,056 37,057 74,113 0EAU CLAIRE COUNTY HOUSING AUTH 65,832 4,477 4,477 8,953 0EAUCLAIRE CITY-CO HEALTH DPT 3,182,926 216,437 216,441 432,878 0EDGERTON CITY HOUSING AUTH 127,279 8,655 8,655 17,310 0EDGERTON FIRE PROT DIST 260,880 28,175 17,740 45,915 0EVEREST METRO POLICE COMM 1,997,424 208,156 135,825 343,981 0FISH CREEK SANITARY DIST #1 245,471 16,692 16,692 33,384 0FITCH-RONA EMS DISTRICT 1,297,311 139,474 88,217 227,691 0FOND DU LAC CITY HOUSING AUTH 688,985 46,851 46,851 93,702 0FONTANA/WALWORTH WTR POL CN CM 320,931 21,823 21,824 43,647 0FOX LAKE WASTEWATER CONTR COMM 13,576 923 923 1,846 0FOX WEST REGIONAL SEWER COMM 353,216 24,018 24,019 48,037 0FREEDOM SANITARY DISTRICT #1 150,472 10,232 10,232 20,464 0GB/BROWN CO PRO FTBLL STAD DIS 116,013 7,889 7,889 15,778 0GOODMAN SANITARY DISTRICT NO 1 37,440 2,546 2,546 5,092 0GREEN BAY METRO SEWERAGE DIST 6,990,466 475,350 475,353 950,703 0GREEN LAKE SANITARY DISTRICT 248,690 16,911 16,911 33,822 0HA OF THE CITY OF S MILWAUKEE 160,380 10,906 10,906 21,812 0HARMONY GROVE-OKEE JT SEW COMM 151,840 10,325 10,325 20,650 0HEART OF THE VALLEY MET SEW DS 710,083 48,286 48,286 96,571 0HOLMEN AREA FIRE DEPT 163,019 17,606 11,085 28,691 0HUDSON CITY HOUSING AUTHORITY 58,891 4,005 4,005 8,009 0HUM SRV CTR ONIDA VILAS FORST 2,305,467 156,771 156,773 313,544 0HURLEY HOUSING AUTHORITY 80,019 5,841 5,441 11,283 209INDIANHEAD FED LIBRARY SYSTEM 720,332 48,982 48,983 97,965 0IRON RIVER SANITARY DIST #1 95,011 6,461 6,461 12,922 0JEFFERSON CITY HOUSING AUTH 134,532 10,224 9,148 19,373 11,849KAUKAUNA CITY HOUSING AUTH 140,296 9,540 9,540 19,080 0KEGONSA SANITARY DISTRICT 82,608 5,617 5,617 11,235 0KELLY LAKE SANITARY DIST #1 35,426 2,409 2,409 4,818 0KENOSHA JOINT SERVICES 4,025,285 273,718 273,720 547,439 0LA CROSSE CITY HOUSING AUTH 1,008,744 68,594 68,595 137,189 0LADYSMITH HOUSING AUTH 109,287 7,431 7,432 14,863 0LAKE COMO SANITARY DIST #1 200,989 14,672 13,667 28,339 21,323



Contributions


Paid* Employee

Paid Total


LAKE COUNTRY FIRE & RESCUE 1,111,057 117,784 75,552 193,336 0LAKE MILLS CITY HOUSING AUTH 101,799 6,922 6,922 13,845 0LAKE RIPLEY MGT DISTRICT 46,294 3,287 3,148 6,435 7,143LAKELAND SANITARY DISTRICT #1 296,851 20,186 20,186 40,372 0LAKESHORES LIBRARY SYSTEM 296,186 20,140 20,141 40,281 0LAONA SANITARY DISTRICT #1 81,074 5,513 5,513 11,026 0LEAGUE OF WISC MUNICIPALITIES 718,169 48,835 48,836 97,671 0LINCOLN COUNTY HOUSING AUTH 103,479 7,037 7,037 14,073 0LODI COMMUNITY AMBULANCE SERV 151,714 16,385 10,317 26,702 0LYONS SANITARY DISTRICT #2 92,470 6,288 6,288 12,576 0MADELINE SANITARY DISTRICT 56,838 3,865 3,865 7,730 0MADISON METRO SEWERAGE DIST 8,025,693 545,746 545,749 1,091,494 0MANITOWOC CITY HOUSING AUTH 117,262 7,974 7,974 15,948 0MANITOWOC-CALUMET LIB SYS 99,591 6,772 6,772 13,544 0MARINETTE CITY HOUSING AUTH 173,715 14,245 11,813 26,057 86,960MARSHALL AREA EMS DIST #14 69,775 7,336 4,745 12,080 0MARSHFIELD CDA 285,157 19,391 19,391 38,781 0MARSHFIELD ELECTRIC & WATER 3,400,544 231,236 231,238 462,474 0MENASHA ELECTRIC & WATER 3,089,467 210,083 210,084 420,168 0MENOMONIE CITY HOUSING AUTH 195,335 13,283 13,283 26,566 0MEQUON - THIENSVILLE LIBRARY 427,472 29,068 29,068 58,136 0MERCER SANITARY DISTRICT #1 134,772 9,164 9,165 18,329 0MERRILL CITY HOUSING AUTHORITY 384,615 26,154 26,154 52,308 0MIDDLETON FIRE DISTRICT 344,434 44,370 23,422 67,792 0MID-MORAINE MUNICIPAL COURT 361,145 24,558 24,558 49,116 0MILW AREA DOM ANIMAL CONT COMM 1,363,200 92,697 92,698 185,395 0MILWAUKEE CO FED LIB SYS 376,029 25,570 25,570 51,140 0MISSISSIPPI RIVER REG PLAN COM 221,673 15,074 15,074 30,147 0MONARCH LIBRARY SYSTEM 472,997 32,164 32,164 64,328 0MONROE CITY HOUSING AUTHORITY 173,741 11,814 11,814 23,629 0MOSINEE FIRE DIST 149,153 16,108 10,142 26,251 0MT HOREB AREA FIRE DEPT 280,906 42,417 19,102 61,519 0MUNI COURT W WAUKESHA COUNTY 158,158 10,755 10,755 21,509 0NEW GLARUS EMS 104,789 11,317 7,126 18,443 0NEW LONDON CITY HOUSING AUTH 82,504 6,353 5,610 11,963 653NEW RICHMOND AMBULANCE 365,396 24,847 24,847 49,694 0NICOLET FEDERATED LIBRARY SYS 252,175 17,148 17,148 34,296 0NORTH CENTRAL HEALTH CARE FAC 26,535,387 1,804,393 1,804,419 3,608,813 0NORTH CENTRAL WIS REG PLAN COM 395,553 26,897 26,898 53,795 0NORTH SHORE FIRE DEPT 8,388,530 1,657,397 570,420 2,227,817 0NORTH SHORE WATER COMMISSION 456,488 31,041 31,041 62,082 0NORTHERN MORAINE UTILITY COMM 131,234 8,924 8,924 17,848 0NORTHERN WATERS LIBRARY SERV 341,387 23,214 23,214 46,429 0NORTHWEST REGIONAL PLAN COMM 874,656 59,476 59,477 118,953 0NORWAY SANITARY DISTRICT #1 274,982 18,699 18,699 37,398 0OCONTO CITY HOUSING AUTHORITY 135,300 9,200 9,200 18,401 0ONEIDA-VILAS TRANSIT COMM 311,454 21,179 21,179 42,358 0


Contributions


Paid* Employee

Paid Total


OREGON AREA FIRE - EMS DIST 590,181 63,739 40,132 103,872 0ORFORDVILLE VOL FIRE PROT DIST 45,052 4,866 3,064 7,929 0OSHKOSH CITY HOUSING AUTHORITY 1,499,172 101,943 101,945 203,887 0OUTAGAMIE COUNTY HOUSING AUTH 1,066,105 72,495 72,495 144,990 0OUTAGAMIE WAUPC CO FED LIBR SY 471,550 32,065 32,066 64,131 0PHELPS SANITARY DISTRICT #1 49,527 3,368 3,368 6,736 0PLEASANT SPRINGS SAN DIS #1 106,842 7,265 7,265 14,531 0PLYMOUTH CITY HOUSING AUTH 66,730 4,538 4,538 9,075 0PORTAGE COUNTY HOUSING AUTH 156,969 10,674 10,674 21,348 0PRAIRIE DU SAC JT SEWER COMM 59,964 4,078 4,078 8,155 0RACINE COUNTY HOUSING AUTH 511,166 34,759 34,759 69,519 0REEDSBURG AREA AMBULANCE SVCES 377,154 38,389 25,647 64,035 0REEDSVILLE VIL HOUSING AUTH 39,156 2,663 2,663 5,325 0RHINELANDER CITY HOUSING AUTH 139,218 9,467 9,467 18,934 0RIB MOUNTAIN METRO SEW DIST 537,916 36,578 36,578 73,156 0RICE LAKE CITY HOUSING AUTH 267,146 26,715 18,166 44,881 93,709RICHLAND CENTER CITY HOUS AUTH 95,991 6,527 6,527 13,055 0RICHLAND FIRE DEPARTMENT 17,668 1,908 1,201 3,110 0RIPON AREA FIRE DISTRICT 71,822 7,757 4,884 12,641 0RIVER FALLS CITY HOUSING AUTH 354,661 26,954 24,117 51,071 12,981SAUK CITY HOUSING AUTHORITY 39,089 2,658 2,658 5,316 0SAUK COUNTY HOUSING AUTHORITY 249,300 16,952 16,952 33,905 0SAUK PRAIRIE AMBULANCE ASSOC 94,497 10,206 6,426 16,631 0SAUK PRAIRIE POLICE COMMISSION 988,798 103,465 67,238 170,703 0SAUK PRAIRIE RECREATION COMM 91,604 6,229 6,229 12,458 0SAWYER COUNTY HOUSING AUTH 132,794 9,030 9,030 18,060 0SHAWANO CITY HOUSING AUTHORITY 172,053 11,700 11,700 23,399 0SHAWANO COUNTY HOUSING AUTH 157,189 10,689 10,689 21,378 0SHAWANO LAKE SANITARY DIST #1 650,191 44,213 44,213 88,426 0SHAWANO MUNICIPAL UTILITIES 1,175,686 79,947 79,947 159,893 0SHEBOYGAN CITY HOUSING AUTH 372,032 25,298 25,298 50,596 0SHELL LAKE CITY HOUS AUTH 49,727 3,381 3,382 6,763 0SILVER LAKE SAN. DIST. 362,464 24,647 24,648 49,295 0SLINGER VILLAGE HOUSING AUTH 29,889 2,032 2,032 4,065 0SOUTH AREA FIRE & EMS DIST 787,720 85,074 53,565 138,639 0SOUTH CENTRAL LIBRARY SYSTEM 2,479,113 168,578 168,581 337,159 0SOUTHEASTERN WIS REG PLAN COMM 4,134,693 281,158 281,161 562,318 0SOUTHWEST WIS LIBRARY SYSTEM 144,729 9,841 9,842 19,683 0SOUTHWESTERN WIS REG PLAN COMM 263,925 17,947 17,947 35,894 0SPOONER CITY HOUSING AUTH 80,150 5,450 5,450 10,900 0SPOONER FIRE DISTRICT 62,000 6,696 4,216 10,912 0ST JOSEPH SANITARY DISTRICT #1 28,600 1,945 1,945 3,890 0STEVENS POINT CITY HOUS AUTH 538,347 36,607 36,608 73,215 0SULLIVAN SANITARY DISTRICT #1 65,001 4,420 4,420 8,840 0SUPERIOR CITY HOUSING AUTH 1,013,061 68,888 68,888 137,776 0TAYLOR COUNTY HOUSING AUTH 29,735 2,022 2,022 4,044 0THORP CITY HOUSING AUTHORITY 119,721 8,141 8,141 16,282 0



Contributions


Paid* Employee

Paid Total


THREE LAKES SANITARY DIST #1 65,311 4,441 4,441 8,882 0TREMPEALEAU COUNTY HOUS AUTH 318,000 24,168 21,624 45,792 24,243UNIFIED COMMUNITY SERVICES 1,740,725 118,368 118,370 236,739 0VALLEY RIDGE CLEAN WATER COMM 75,876 5,160 5,160 10,319 0VANGUARD ELECTRIC UTIL COMM 391,793 26,642 26,642 53,284 0VIROQUA CITY HOUSING AUTHORITY 188,623 12,826 12,826 25,653 0WABENO SANITARY DISTRICT #1 30,086 2,046 2,046 4,092 0WALES/GENESEE JOINT FIRE BD 124,600 13,457 8,473 21,930 0WALTER E OLSON MEMORIAL LIB 61,215 4,163 4,163 8,325 0WALWORTH COUNTY METRO SEW DIST 968,475 73,604 65,856 139,460 99,210WASHBURN CITY HOUSING AUTH 113,408 7,712 7,712 15,423 0WATERTOWN CITY HOUSING AUTH 123,929 9,419 8,427 17,846 9,510WAUKESHA CITY HOUSING AUTH 672,015 45,697 45,697 91,394 0WAUNAKEE AREA EMS 253,599 25,507 17,245 42,752 0WAUNAKEE AREA FIRE DIST 56,596 3,848 3,849 7,697 0WAUNAKEE WATER & LIGHT 1,330,337 90,462 90,464 180,926 0WAUPACA CHAIN O'LAKES SAN DIST 54,000 3,672 3,672 7,344 0WAUSAUKEE VILLAGE HOUS AUTH 125,562 8,538 8,538 17,076 0WAVERLY SANITARY DISTRICT 296,480 20,161 20,161 40,321 0WEST BEND CITY HOUSING AUTH 261,919 17,810 17,810 35,621 0WEST CENTRAL WI BISOLIDS COMM 159,477 10,844 10,845 21,689 0WEST CENTRAL WIS REG PLAN COMM 722,490 49,129 49,129 98,259 0WESTERN LAKES FIRE DIST 1,126,369 120,920 76,593 197,513 0WESTERN RACINE CO SEWERAGE DIS 114,085 7,758 7,758 15,516 0WINDING RIVERS LIBRARY SYS 406,821 27,664 27,664 55,328 0WINNEFOX LIBRARY SYSTEM 725,932 49,363 49,364 98,727 0WIS DELLS-LAKE DELTON SEW COMM 203,281 13,823 13,823 27,646 0WISCONSIN COUNTIES ASSOCIATION 1,970,648 134,004 134,005 268,008 0WISCONSIN MUNIC MUTAL INS CO 746,101 50,735 50,735 101,470 0WISCONSIN RAPIDS CITY HS AUTH 427,443 32,486 29,066 61,552 9,747WISCONSIN TOWNS ASSOCIATION 429,303 29,193 29,193 58,385 0WISCONSIN VALLEY LIBRARY SRV 374,408 25,460 25,460 50,919 0WPPI ENERGY 9,691,520 659,021 659,026 1,318,047 0Total Special Districts (208) 151,249,946 12,030,287 10,285,041 22,315,328 811,096

TownsADDISON, TOWN OF(WASHINGTON) 135,397 9,207 9,207 18,414 0ALBAN, TOWN OF (PORTAGE) 63,853 4,342 4,342 8,684 0ALBION, TOWN OF (DANE) 144,125 9,800 9,801 19,601 0ALBION, TOWN OF (JACKSON) 42,678 2,902 2,902 5,804 0ALGOMA, TOWN OF (WINNEBAGO) 153,701 10,452 10,452 20,903 0ANSON, TOWN OF (CHIPPEWA) 58,984 4,930 4,011 8,941 60,205ARBOR VITAE, TOWN OF (VILAS) 198,115 16,642 13,472 30,113 14,469ASHIPPUN, TOWN OF (DODGE CO) 123,678 8,410 8,410 16,820 0ASHLAND, TOWN OF (ASHLAND) 77,312 5,257 5,257 10,515 0ATHELSTANE, TOWN OF(MARINETTE) 97,747 6,647 6,647 13,294 0AZTALAN, TOWN OF(JEFFERSON) 62,550 5,798 4,253 10,051 139,834


Contributions


Paid* Employee

Paid Total


BAILEYS HARBOR, TOWN OF (DOOR) 467,819 31,812 31,812 63,623 0BALSAM LAKE, TOWN OF (POLK) 49,833 3,389 3,389 6,777 0BARABOO, TOWN OF (SAUK) 87,375 5,941 5,942 11,883 0BARKSDALE, TOWN OF (BAYFIELD) 65,068 4,425 4,425 8,849 0BARRON, TOWN OF (BARRON) 47,667 3,241 3,241 6,483 0BAYVIEW, TOWN OF (BAYFIELD) 67,175 4,568 4,568 9,136 0BEAR CREEK, TOWN OF (SAUK) 76,303 5,189 5,189 10,377 0BELMONT, TOWN OF (LAFAYETTE) 25,293 1,720 1,720 3,440 0BELOIT, TOWN OF (ROCK) 2,531,571 274,918 172,147 447,065 0BENNETT, TOWN OF (DOUGLAS) 87,256 5,933 5,934 11,867 0BERGEN, TOWN OF (VERNON) 46,768 3,180 3,180 6,360 0BERRY, TOWN OF (DANE) 80,539 5,477 5,477 10,953 0BLOOMFIELD, TOWN OF (WALWORTH) 12,724 865 865 1,730 0BLOOMING GROVE, TOWN OF(DANE) 218,635 16,867 14,867 31,734 0BLUE MOUNDS, TOWN OF (DANE) 71,307 4,849 4,849 9,698 0BOULDER JUNCTION, TOWN (VILAS) 215,185 14,632 14,633 29,265 0BRIGHAM, TOWN OF (IOWA) 118,086 8,030 8,030 16,060 0BROCKWAY, TOWN OF (JACKSON) 95,785 6,513 6,513 13,027 0BROOKFIELD, TOWN OF (WAUKESHA) 2,941,502 276,022 200,023 476,045 0BROOKLYN, TOWN OF (GREEN) 72,112 4,904 4,904 9,807 0BROTHERTOWN, TOWN OF(CALUMET) 66,287 4,508 4,508 9,015 0BUCHANAN, TOWN OF(OUTAGAMIE) 133,876 9,103 9,104 18,207 0BURKE, TOWN OF (DANE) 188,704 12,832 12,832 25,664 0BURLINGTON, TOWN OF (RACINE) 358,606 27,410 24,386 51,796 0CABLE, TOWN OF (BAYFIELD) 223,071 15,169 15,169 30,338 0CAMPBELL, TOWN OF (LA CROSSE) 593,216 52,846 40,339 93,185 0CAREY, TOWN OF (IRON) 51,982 3,535 3,535 7,070 0CASSIAN, TOWN OF (ONEIDA) 67,611 4,598 4,598 9,195 0CEDARBURG, TOWN OF (OZAUKEE) 592,986 40,323 40,323 80,646 0CHETEK, TOWN OF (BARRON) 79,412 5,400 5,400 10,800 0CHRISTIANA, TOWN OF (DANE) 105,262 7,158 7,158 14,316 0CLAYTON, TOWN OF (POLK) 47,190 3,209 3,209 6,418 0CLAYTON, TOWN OF (WINNEBAGO) 420,576 30,877 28,599 59,476 0CLEAR LAKE, TOWN OF (POLK) 39,274 3,613 2,671 6,284 30,841CLIFTON, TOWN OF (MONROE) 43,807 2,979 2,979 5,958 0CLINTON, TOWN OF (BARRON) 51,975 3,534 3,534 7,069 0CLOVER,TOWN OF (BAYFIELD) 104,421 7,101 7,101 14,201 0COLBY, TOWN OF (CLARK) 47,824 3,252 3,252 6,504 0CORNING, TOWN OF (LINCOLN) 37,823 2,572 2,572 5,144 0COTTAGE GROVE, TOWN OF (DANE) 210,172 14,292 14,292 28,583 0CRESCENT, TOWN OF (ONEIDA) 148,990 10,131 10,131 20,263 0CROSS PLAINS, TOWN OF (DANE) 53,145 3,614 3,614 7,228 0DAIRYLAND, TOWN OF (DOUGLAS) 41,706 2,836 2,836 5,672 0DARIEN, TOWN OF (WALWORTH) 85,712 5,828 5,828 11,657 0DELAVAN, TOWN OF (WALWORTH) 1,318,144 125,326 89,634 214,961 0DELTA, TOWN OF (BAYFIELD) 96,791 6,582 6,582 13,164 0DELTON, TOWN OF (SAUK) 170,142 11,570 11,570 23,139 0



Contributions


Paid* Employee

Paid Total


DOVER, TOWN OF (RACINE) 74,542 5,069 5,069 10,138 0DRAPER, TOWN OF (SAWYER) 77,798 5,290 5,290 10,581 0DRUMMOND, TOWN OF (BAYFIELD) 218,537 14,860 14,861 29,721 0DUNKIRK, TOWN OF (DANE) 124,739 8,482 8,482 16,964 0DUNN, TOWN OF (DANE) 477,890 32,496 32,497 64,993 0EAGLE POINT, TOWN OF(CHIPPEWA) 74,843 5,089 5,089 10,179 0EAGLE, TOWN OF (WAUKESHA) 270,784 20,416 18,413 38,829 0EAST TROY, TOWN OF(WALWORTH) 760,285 69,438 51,699 121,138 0EASTON, TOWN OF (MARATHON) 92,138 6,265 6,265 12,531 0EAU GALLE, TOWN OF (DUNN) 51,712 3,516 3,516 7,033 0EGG HARBOR, TOWN OF (DOOR) 45,217 3,075 3,075 6,149 0ERIN, TOWN OF (WASHINGTON) 153,585 10,444 10,444 20,888 0EUREKA, TOWN OF (POLK) 52,144 3,546 3,546 7,092 0EXETER, TOWN OF (GREEN) 74,554 5,070 5,070 10,139 0FARMINGTON, TOWN OF (LACROSSE) 74,617 5,074 5,074 10,148 0FARMINGTON, TOWN OF (WAUPACA) 37,603 2,557 2,557 5,114 0FLAMBEAU, TOWN OF (RUSK) 28,120 2,784 1,912 4,696 21,586FLORENCE, TOWN OF (FLORENCE) 923,958 62,829 62,829 125,658 0FRANKLIN, TOWN OF (MANITOWOC) 65,346 4,444 4,444 8,887 0FREEDOM, TOWN OF (OUTAGAMIE) 409,790 33,961 27,866 61,826 0FREEDOM, TOWN OF (SAUK) 60,666 4,125 4,125 8,251 0FULTON, TOWN OF (ROCK) 52,884 3,596 3,596 7,192 0GENEVA, TOWN OF (WALWORTH) 797,945 73,697 54,260 127,958 0GEORGETOWN, TOWN OF (POLK) 48,927 6,850 3,327 10,177 165,966GERMANTOWN, TOWN (JUNEAU) 90,766 6,172 6,172 12,344 0GIBRALTAR, TOWN OF (DOOR) 270,038 19,969 18,363 38,332 0GILMAN, TOWN OF (PIERCE) 56,366 3,833 3,833 7,666 0GOODMAN, TOWN OF(MARINETTE) 74,461 5,063 5,063 10,127 0GRAND CHUTE, TOWN OF(OUTAGAME) 6,636,958 606,275 451,315 1,057,590 0GRAND RAPIDS, TOWN OF (WOOD) 720,481 66,068 48,993 115,061 0GRANT, TOWN OF (PORTAGE) 38,747 2,635 2,635 5,270 0GRATIOT, TOWN OF (LAFAYETTE) 73,608 5,005 5,006 10,011 0GREEN LAKE, TOWN OF (GRN LAKE) 49,357 3,356 3,356 6,713 0GREENFIELD, TOWN OF (LACROSSE) 74,329 5,054 5,054 10,109 0GREENVILLE, TOWN OF(OUTAGAMIE) 1,597,813 118,877 108,652 227,529 0GREENWOOD, TOWN OF (VERNON) 43,407 2,952 2,952 5,903 0HAMBURG, TOWN OF (VERNON) 52,871 3,595 3,595 7,191 0HARRISON, TOWN OF (GRANT) 42,928 2,919 2,919 5,838 0HAY RIVER, TOWN OF (DUNN) 48,380 3,290 3,290 6,580 0HAYWARD, TOWN OF (SAWYER) 163,551 12,569 11,121 23,690 0HAZELHURST, TOWN OF (ONEIDA) 137,669 9,362 9,361 18,723 0HIGHLAND, TOWN OF (IOWA) 89,756 6,103 6,103 12,207 0HUGHES, TOWN OF (BAYFIELD) 60,520 4,115 4,115 8,231 0HULL, TOWN OF (PORTAGE) 277,422 18,865 18,865 37,729 0IRON RIVER, TOWN OF (BAYFIELD) 292,712 24,758 19,904 44,663 0ITHACA, TOWN OF (RICHLAND) 50,508 3,435 3,435 6,869 0IXONIA, TOWN OF (JEFFERSON) 300,811 20,455 20,455 40,910 0


Contributions


Paid* Employee

Paid Total


JACKSON, TOWN OF (WASHINGTON) 227,620 15,478 15,478 30,956 0JEFFERSON, TOWN OF (JEFFERSON) 46,988 3,195 3,195 6,390 0KIMBALL, TOWN OF (IRON) 98,897 9,197 6,725 15,922 62,615KNIGHT, TOWN OF (IRON) 60,788 4,134 4,134 8,267 0KNOWLTON, TOWN OF (MARATHON) 38,926 2,647 2,647 5,294 0KOMENSKY, TOWN OF (JACKSON) 48,025 3,266 3,266 6,531 0KOSHKONONG, TOWN OF(JEFFERSON) 88,836 6,041 6,041 12,082 0LA POINTE, TOWN OF (ASHLAND) 719,690 55,377 48,939 104,316 0LA VALLE, TOWN OF (SAUK) 184,722 14,370 12,561 26,931 0LAC DU FLAMBEAU, TOWN (VILAS) 270,812 22,309 18,415 40,725 192,545LAFAYETTE, TOWN OF (CHIPPEWA) 181,303 12,329 12,329 24,657 0LAFAYETTE, TOWN OF (WALWORTH) 87,888 5,976 5,977 11,953 0LAKE HOLCOMBE, TOWN (CHIPPEWA) 97,380 6,622 6,622 13,244 0LAKE, TOWN OF (MARINETTE) 61,396 4,175 4,175 8,350 0LAKETOWN, TOWN OF (POLK) 53,704 3,652 3,652 7,304 0LAND O LAKES, TOWN OF (VILAS) 316,139 21,497 21,498 42,995 0LAONA, TOWN OF (FOREST) 184,662 14,086 12,557 26,643 0LAWRENCE, TOWN OF (BROWN CO) 411,644 27,992 27,992 55,984 0LEBANON, TOWN OF (DODGE) 109,791 7,466 7,466 14,932 0LEDGEVIEW, TOWN OF (BROWN) 481,744 32,758 32,759 65,517 0LINCOLN, TOWN OF (TREMPEALEAU) 40,392 2,747 2,747 5,493 0LINCOLN, TOWN OF (VILAS) 44,750 3,043 3,043 6,086 0LINN, TOWN OF (WALWORTH) 653,545 62,616 44,441 107,057 0LINWOOD, TOWN OF (PORTAGE) 45,350 3,084 3,084 6,168 0LISBON, TOWN OF (WAUKESHA) 900,604 70,663 61,241 131,904 0LODI, TOWN OF (COLUMBIA) 48,000 3,264 3,264 6,528 0LUCAS, TOWN OF (DUNN) 45,984 3,127 3,127 6,254 0LUDINGTON, TOWN OF(EAU CLAIRE) 38,043 2,587 2,587 5,174 0LYONS, TOWN OF (WALWORTH) 140,938 9,583 9,584 19,168 0MADISON, TOWN OF (DANE) 2,383,644 238,198 162,088 400,287 0MANITOWOC RAPIDS,TOWN(MANITWC) 82,788 5,630 5,630 11,259 0MAPLE, TOWN OF (DOUGLAS) 70,852 4,818 4,818 9,636 0MARENGO, TOWN OF (ASHLAND) 73,970 5,030 5,030 10,060 0MARION, TOWN OF (WAUSHARA) 28,952 1,969 1,969 3,937 0MARTELL, TOWN OF (PIERCE) 51,583 3,508 3,508 7,015 0MAZOMANIE, TOWN OF (DANE) 87,254 5,933 5,933 11,867 0MEDFORD, TOWN OF (TAYLOR) 62,743 4,267 4,267 8,533 0MERCER, TOWN OF (IRON) 375,927 25,563 25,563 51,126 0MERTON, TOWN OF (WAUKESHA) 717,881 48,816 48,816 97,632 0MIDDLETON, TOWN OF (DANE) 587,938 39,980 39,980 79,960 0MILLTOWN, TOWN OF (POLK) 98,101 10,497 6,671 17,168 51,225MINOCQUA, TOWN OF(ONEIDA) 1,577,021 152,576 107,238 259,814 356,236MINONG, TOWN OF (WASHBURN) 186,239 12,664 12,664 25,328 0MISHICOT, TOWN OF(MANITOWOC) 51,515 3,503 3,503 7,006 0MONTROSE, TOWN OF (DANE) 53,157 3,615 3,615 7,229 0MUKWONAGO, TOWN (WAUKESHA) 798,541 73,269 54,301 127,570 0NEENAH, TOWN OF (WINNEBAGO) 47,476 3,228 3,228 6,457 0



Contributions


Paid* Employee

Paid Total


NEW GLARUS, TOWN OF (GREEN) 114,507 7,787 7,787 15,573 0NEW HAVEN, TOWN OF (DUNN) 46,011 3,497 3,129 6,626 3,206NEWBOLD, TOWN OF (ONEIDA) 265,447 18,050 18,050 36,101 0NORWAY, TOWN OF (RACINE) 515,454 38,065 35,051 73,116 0OAK GROVE, TOWN OF (BARRON) 52,719 3,585 3,585 7,170 0OAKDALE, TOWN OF (MONROE) 45,468 3,092 3,092 6,184 0OAKLAND, TOWN OF (JEFFERSON) 162,310 11,037 11,037 22,074 0OCONOMOWOC, TOWN OF (WAUKESHA) 1,450,619 132,114 98,643 230,756 0OMA, TOWN OF (IRON) 107,553 7,314 7,314 14,627 0ONALASKA, TOWN OF (LA CROSSE) 194,687 13,239 13,239 26,477 0OREGON, TOWN OF (DANE) 193,875 13,183 13,184 26,367 0ORIENTA, TOWN OF (BAYFIELD) 42,400 2,883 2,883 5,766 0OTTAWA, TOWN OF (WAUKESHA) 92,520 6,291 6,291 12,583 0PARKLAND, TOWN OF (DOUGLAS) 109,654 7,566 7,456 15,023 1,547PELICAN, TOWN OF (ONEIDA) 97,027 6,598 6,598 13,196 0PEWAUKEE, CITY OF 4,938,228 429,009 335,801 764,810 0PHELPS, TOWN OF (VILAS) 230,003 15,640 15,640 31,280 0PINE LAKE, TOWN OF (ONEIDA) 119,446 8,122 8,122 16,245 0PLEASANT SPRINGS, TOWN(DANE) 150,363 10,225 10,225 20,449 0PLEASANT VALLEY, TOWN(EAUCLR) 137,615 9,358 9,358 18,716 0PORT WING, TOWN OF (BAYFIELD) 110,240 7,496 7,496 14,993 0PRAIRIE LAKE, TOWN OF (BARRON) 55,330 3,762 3,762 7,525 0PRESQUE ISLE, TOWN OF(VILAS) 269,081 18,297 18,298 36,595 0PRESTON, TOWN OF (ADAMS) 70,772 4,812 4,813 9,625 0PRIMROSE, TOWN OF (DANE) 44,575 3,031 3,031 6,062 0QUINCY, TOWN OF (ADAMS) 117,419 7,984 7,985 15,969 0RAYMOND, TOWN OF (RACINE) 240,110 16,327 16,327 32,655 0RIB MOUNTAIN, TOWN (MARATHON) 681,415 46,336 46,337 92,672 0RICE LAKE, TOWN OF (BARRON) 119,086 8,098 8,098 16,196 0RICHFIELD, VILLAGE OF(WASHING) 601,032 40,870 40,870 81,740 0RICHMOND, TOWN OF (WALWORTH) 66,636 4,531 4,531 9,062 0RIPON, TOWN OF(FOND DU LAC) 92,324 8,511 6,278 14,789 0RIVER FALLS, TOWN OF (PIERCE) 139,212 9,466 9,466 18,933 0ROME, TOWN OF (ADAMS) 1,116,698 92,633 75,936 168,569 0RUDOLPH, TOWN OF (WOOD) 36,868 2,507 2,507 5,014 0RUTLAND, TOWN OF (DANE) 130,975 8,906 8,906 17,813 0SALEM, TOWN OF (KENOSHA) 203,025 16,020 13,806 29,826 0SANBORN, TOWN OF (ASHLAND) 107,507 7,310 7,310 14,621 0SCOTT, TOWN OF (BROWN) 190,497 12,954 12,954 25,908 0SCOTT, TOWN OF (SHEBOYGAN) 66,595 4,528 4,528 9,057 0SEVASTOPOL, TOWN OF (DOOR) 48,925 3,327 3,327 6,654 0SHARON, TOWN OF (PORTAGE) 104,783 7,125 7,125 14,251 0SHARON, TOWN OF (WALWORTH) 48,631 3,307 3,307 6,614 0SHEBOYGAN, TOWN OF (SHEBOYGAN) 384,097 26,119 26,119 52,237 0SHELBY, TOWN OF (LA CROSSE) 624,710 47,496 42,480 89,976 0SOMERSET, TOWN OF (ST CROIX) 169,195 11,505 11,505 23,011 0SOUTH LANCASTER, TOWN (GRANT) 43,282 2,943 2,943 5,886 0


Contributions


Paid* Employee

Paid Total


SPARTA, TOWN OF (MONROE) 85,980 5,847 5,847 11,693 0SPIRIT, TOWN OF (PRICE) 37,674 2,939 2,562 5,500 123SPRING LAKE, TOWN OF (PIERCE) 51,902 3,529 3,529 7,059 0SPRINGDALE, TOWN OF (DANE) 79,187 5,385 5,385 10,770 0SPRINGFIELD, TOWN OF (DANE) 147,807 10,051 10,051 20,102 0SPRINGFIELD, TOWN OF (JACKSON) 49,984 4,499 3,399 7,897 57,836ST CROIX FALLS, TOWN OF (POLK) 48,875 3,324 3,324 6,647 0ST GERMAIN, TOWN OF (VILAS) 302,025 20,538 20,538 41,075 0STANTON, TOWN OF (DUNN) 74,647 5,076 5,076 10,152 0STETTIN, TOWN OF (MARATHON) 171,122 11,636 11,636 23,273 0STOCKTON, TOWN OF (PORTAGE) 179,686 12,219 12,219 24,437 0STRONGS PRAIRIE, TOWN OF(ADMS) 23,009 1,565 1,565 3,129 0SUGAR CREEK, TOWN OF(WALWORTH) 119,027 8,094 8,094 16,188 0SULLIVAN, TOWN OF (JEFFERSON) 86,189 5,861 5,861 11,722 0SUMMIT, TOWN OF (DOUGLAS) 102,326 6,958 6,958 13,916 0SUMMIT, TOWN OF (JUNEAU) 72,541 4,933 4,933 9,866 0SUMNER, TOWN OF (BARRON) 41,588 2,828 2,828 5,656 0SUPERIOR, TOWN OF (DOUGLAS) 118,751 8,075 8,075 16,150 0TAINTER, TOWN OF (DUNN) 137,199 9,329 9,330 18,659 0THERESA, TOWN OF (DODGE) 78,788 5,358 5,358 10,715 0THREE LAKES, TOWN OF (ONEIDA) 740,093 62,081 50,327 112,407 0TIFFANY, TOWN OF (DUNN) 45,555 3,098 3,098 6,195 0TRADE LAKE, TOWN OF (BURNETT) 54,200 3,685 3,686 7,371 0TREMPEALEAU, TOWN (TREMPELEAU) 123,100 8,371 8,371 16,742 0TRENTON, TOWN OF (WASHINGTON) 222,303 15,944 15,117 31,060 0TROY, TOWN OF (WALWORTH) 115,585 8,900 7,860 16,760 2,548TURTLE LAKE, TOWN OF (BARRON) 48,653 3,308 3,308 6,617 0UNITY, TOWN OF (CLARK) 32,961 2,241 2,241 4,483 0VERMONT, TOWN OF (DANE) 55,102 3,747 3,747 7,494 0VERNON, TOWN OF (WAUKESHA) 505,742 39,946 34,390 74,337 0VERONA, TOWN OF (DANE) 246,257 16,745 16,745 33,491 0VIENNA, TOWN OF (DANE) 175,975 11,966 11,966 23,933 0VIROQUA, TOWN OF (VERNON) 138,383 9,825 9,410 19,235 311WABENO, TOWN OF (FOREST) 84,608 6,769 5,753 12,522 29,410WALWORTH, TOWN OF (WALWORTH) 92,677 7,043 6,302 13,346 10,547WARREN, TOWN OF (ST CROIX) 40,580 2,759 2,759 5,519 0WASCOTT, TOWN OF (DOUGLAS) 198,920 13,982 13,527 27,508 0WASHINGTON, TOWN OF (DOOR) 440,452 34,204 29,951 64,154 0WASHINGTON, TOWN OF (LACROSSE) 50,142 3,410 3,410 6,819 0WASHINGTON, TOWN OF (VILAS) 120,360 8,184 8,185 16,369 0WASHINGTON, TOWN OF(EAUCLAIRE) 346,026 23,530 23,530 47,060 0WATERFORD, TOWN OF (RACINE) 979,316 90,323 66,594 156,917 0WAUKESHA, TOWN OF(WAUKESHA) 330,215 28,657 22,455 51,112 0WAYNE, TOWN OF (LAFAYETTE) 51,130 3,477 3,477 6,954 0WESCOTT, TOWN OF (SHAWANO) 264,482 17,985 17,985 35,970 0WEST BEND, TOWN OF(WASHINGTON) 185,926 12,643 12,643 25,286 0WEST POINT, TOWN (COLUMBIA) 24,073 1,637 1,637 3,274 0



Contributions


Paid* Employee

Paid Total


WEST SWEDEN, TOWN OF (POLK) 44,250 3,009 3,009 6,018 0WESTFIELD, TOWN OF (SAUK CO) 45,925 3,123 3,123 6,246 0WESTPORT, TOWN OF (DANE) 492,323 33,478 33,478 66,956 0WHEATLAND, TOWN OF (VERNON) 52,933 3,599 3,599 7,199 0WHEATON, TOWN OF (CHIPPEWA) 118,690 8,071 8,071 16,142 0WILSON, TOWN OF (SHEBOYGAN) 151,183 10,280 10,281 20,561 0WILTON, TOWN OF (MONROE) 44,330 3,014 3,014 6,029 0WINTER, TOWN OF (SAWYER) 163,887 11,144 11,144 22,289 0WIOTA, TOWN OF (LAFAYETTE) 51,184 3,480 3,480 6,961 0WOODRUFF, TOWN OF (ONEIDA) 585,567 52,912 39,819 92,731 0YORKVILLE, TOWN OF 103,470 7,036 7,036 14,072 0Total Towns (257) 67,794,863 5,505,609 4,610,069 10,115,678 1,201,050

CountiesADAMS COUNTY 11,943,009 882,690 812,128 1,694,818 0ASHLAND COUNTY 7,065,752 537,428 480,475 1,017,903 0BARRON COUNTY 16,095,313 1,173,055 1,094,486 2,267,540 0BAYFIELD COUNTY 8,186,909 609,150 556,713 1,165,863 0BROWN COUNTY 77,051,809 5,800,091 5,239,544 11,039,636 0BUFFALO COUNTY 5,191,254 378,681 353,008 731,689 0BURNETT COUNTY 7,256,792 534,748 493,465 1,028,212 0CALUMET COUNTY 14,053,383 1,027,287 955,635 1,982,922 0CHIPPEWA COUNTY 18,896,897 1,401,450 1,284,994 2,686,444 0CLARK COUNTY 20,119,822 1,432,711 1,368,155 2,800,867 0COLUMBIA COUNTY 25,101,431 1,828,956 1,706,905 3,535,861 0CRAWFORD COUNTY 6,625,479 508,676 450,534 959,210 0DANE COUNTY 159,698,008 12,585,371 10,859,505 23,444,876 0DODGE COUNTY 41,230,029 2,964,617 2,803,654 5,768,271 0DOOR COUNTY 18,091,267 1,444,943 1,230,211 2,675,155 0DOUGLAS COUNTY 14,636,191 1,221,045 995,265 2,216,310 0DUNN COUNTY 21,490,071 1,589,884 1,461,332 3,051,215 0EAU CLAIRE COUNTY 28,162,983 2,087,938 1,915,091 4,003,029 0FLORENCE COUNTY 3,394,564 263,468 230,832 494,300 0FOND DU LAC COUNTY 39,455,796 2,839,524 2,683,006 5,522,530 0FOREST COUNTY 4,735,693 367,395 322,029 689,423 0GRANT COUNTY 16,541,832 1,197,686 1,124,853 2,322,539 0GREEN COUNTY 17,168,647 1,269,707 1,167,474 2,437,181 0GREEN LAKE COUNTY 9,424,417 689,179 640,864 1,330,043 0IOWA COUNTY 10,036,742 759,793 682,502 1,442,295 0IRON COUNTY 4,236,681 314,061 288,095 602,157 0JACKSON COUNTY 8,749,585 646,911 594,975 1,241,886 0JEFFERSON COUNTY 27,451,802 2,146,097 1,866,730 4,012,827 0JUNEAU COUNTY 11,894,549 928,061 808,833 1,736,893 0KENOSHA COUNTY 57,187,343 4,264,018 3,888,754 8,152,772 0KEWAUNEE COUNTY 7,594,813 579,040 516,450 1,095,490 0LA CROSSE COUNTY 51,547,487 3,620,152 3,505,231 7,125,383 0LAFAYETTE COUNTY 14,309,142 1,038,263 973,027 2,011,289 0


Contributions


Paid* Employee

Paid Total


LANGLADE COUNTY 7,953,009 584,169 540,807 1,124,976 0LINCOLN COUNTY 17,269,088 1,255,978 1,174,305 2,430,283 0MANITOWOC COUNTY 23,843,257 1,804,355 1,621,350 3,425,705 0MARATHON COUNTY 42,840,126 3,163,386 2,913,141 6,076,527 0MARINETTE COUNTY 16,988,726 1,248,205 1,155,238 2,403,443 0MARQUETTE COUNTY 8,234,490 630,616 559,948 1,190,564 0MENOMINEE COUNTY 3,474,765 252,063 236,286 488,350 0MONROE COUNTY 16,486,773 1,183,752 1,121,106 2,304,857 0OCONTO COUNTY 13,404,335 993,780 911,501 1,905,282 0ONEIDA COUNTY 13,326,730 1,005,911 906,223 1,912,134 0OUTAGAMIE COUNTY 57,418,652 4,149,243 3,904,486 8,053,729 0OZAUKEE COUNTY 29,261,554 2,124,335 1,989,798 4,114,132 0PEPIN COUNTY 4,085,699 311,957 277,829 589,787 0PIERCE COUNTY 14,984,831 1,130,154 1,018,973 2,149,126 0POLK COUNTY 20,300,313 1,465,385 1,380,427 2,845,812 0PORTAGE COUNTY 26,985,405 1,971,361 1,835,019 3,806,381 0PRICE COUNTY 6,493,596 486,518 441,566 928,085 0RACINE COUNTY 41,002,826 3,797,445 2,788,200 6,585,645 0RICHLAND COUNTY 10,789,247 772,306 733,673 1,505,979 0ROCK COUNTY 61,432,281 4,660,482 4,177,411 8,837,893 0RUSK COUNTY 17,607,783 1,272,461 1,197,333 2,469,795 0SAUK COUNTY 29,985,529 2,299,447 2,039,027 4,338,474 0SAWYER COUNTY 9,013,905 680,638 612,948 1,293,586 0SHAWANO COUNTY 15,895,396 1,285,643 1,080,923 2,366,566 0SHEBOYGAN COUNTY 40,662,448 2,972,150 2,765,058 5,737,208 0ST CROIX COUNTY 30,109,574 2,276,894 2,047,461 4,324,354 0TAYLOR COUNTY 8,567,540 631,100 582,596 1,213,696 0TREMPEALEAU COUNTY 22,433,858 1,588,828 1,525,513 3,114,341 0VERNON COUNTY 11,615,293 844,489 789,844 1,634,334 0VILAS COUNTY 9,381,247 729,005 637,928 1,366,934 0WALWORTH COUNTY 44,297,739 3,302,568 3,012,257 6,314,825 0WASHBURN COUNTY 8,065,845 589,049 548,480 1,137,529 0WASHINGTON COUNTY 34,803,279 2,598,840 2,366,631 4,965,472 0WAUKESHA COUNTY 84,985,372 6,294,572 5,779,030 12,073,602 0WAUPACA COUNTY 20,249,519 1,493,196 1,376,973 2,870,169 0WAUSHARA COUNTY 12,922,721 988,751 878,750 1,867,501 0WINNEBAGO COUNTY 53,508,250 4,046,134 3,638,581 7,684,715 0WOOD COUNTY 27,490,420 1,987,344 1,869,359 3,856,703 0Total Counties (71) 1,702,796,912 127,804,587 115,790,733 243,595,321 0

School DistrictsABBOTSFORD SCHOOL DISTRICT 3,527,794 239,889 239,891 479,780 0ADAMS-FRIENDSHIP AREA SCH DIST 10,063,554 684,319 684,325 1,368,643 0ALBANY SCHOOL DISTRICT 2,453,465 166,835 166,837 333,671 0ALGOMA SCHOOL DISTRICT 4,084,302 277,730 277,735 555,465 0ALMA CENTER-HUMBRD-MERIL SCH D 3,686,803 250,702 250,703 501,405 0ALMA SCHOOL DISTRICT 1,774,421 120,660 120,661 241,321 0



Contributions


Paid* Employee

Paid Total


ALMOND-BANCROFT SCHOOL DIST 2,518,006 171,223 171,226 342,449 0ALTOONA SCHOOL DISTRICT 9,317,028 633,554 633,562 1,267,116 0AMERY SCHOOL DISTRICT 10,541,054 716,788 716,796 1,433,583 0ANTIGO UNIFIED SCHOOL DISTRICT 13,549,002 921,325 921,340 1,842,664 0APPLETON AREA SCHOOL DISTRICT 93,206,041 6,337,968 6,338,054 12,676,022 0ARBOR VITAE-WOODRUFF JSD #1 3,235,316 220,000 220,003 440,003 0ARCADIA SCHOOL DISTRICT 7,771,247 528,441 528,449 1,056,890 0ARGYLE SCHOOL DISTRICT 1,780,802 121,094 121,095 242,189 0ARROWHEAD UNION HIGH SCH DIST 13,199,001 897,530 897,535 1,795,064 0ASHLAND SCHOOL DISTRICT 12,315,724 837,465 837,474 1,674,938 0ASHWAUBENON SCHOOL DISTRICT 19,113,591 1,299,717 1,299,731 2,599,448 0ATHENS SCHOOL DISTRICT 2,398,988 163,130 163,132 326,262 0AUBURNDALE SCHOOL DISTRICT 4,262,786 289,868 289,871 579,739 0AUGUSTA SCHOOL DISTRICT 4,433,502 301,477 301,479 602,956 0BALDWIN-WOODVILLE AREA SCH DIS 10,114,884 687,808 687,816 1,375,624 0BANGOR SCHOOL DISTRICT 3,559,342 242,034 242,037 484,071 0BARABOO SCHOOL DISTRICT 18,602,835 1,264,986 1,264,999 2,529,986 0BARNEVELD SCHOOL DISTRICT 2,536,857 172,505 172,507 345,013 0BARRON AREA SCHOOL DISTRICT 8,927,848 607,090 607,097 1,214,187 0BAYFIELD SCHOOL DISTRICT 4,314,442 293,380 293,384 586,764 0BEAVER DAM UNIFIED SCHOOL DIST 20,751,151 1,411,068 1,411,088 2,822,157 0BEECHER DUNBAR PEMBINE SCH DIS 1,681,881 114,367 114,368 228,736 0BELLEVILLE SCHOOL DISTRICT 5,732,703 389,823 389,825 779,648 0BELMONT COMMUNITY SCHOOL DIST 2,356,155 160,217 160,220 320,437 0BELOIT SCHOOL DISTRICT 39,161,065 2,662,939 2,662,966 5,325,905 0BELOIT TURNER SCHOOL DISTRICT 9,069,288 616,709 616,714 1,233,423 0BENTON SCHOOL DISTRICT 1,399,503 95,166 95,167 190,332 0BERLIN AREA SCHOOL DISTRICT 9,366,716 636,934 636,939 1,273,873 0BIG FOOT UHS SCH DIST 3,184,324 216,533 216,535 433,068 0BIRCHWOOD SCHOOL DISTRICT 2,051,209 139,481 139,483 278,964 0BLACK HAWK SCHOOL DISTRICT 2,585,528 175,814 175,818 351,632 0BLACK RIVER FALLS SCH DIST 10,830,968 736,501 736,511 1,473,012 0BLAIR-TAYLOR SCHOOL DISTRICT 3,501,475 238,099 238,102 476,201 0BLOOMER SCHOOL DISTRICT 6,546,821 445,181 445,187 890,368 0BONDUEL SCHOOL DISTRICT 4,510,983 306,745 306,748 613,494 0BOSCOBEL SCHOOL DISTRICT 5,377,150 365,644 365,648 731,292 0BOWLER SCHOOL DISTRICT 2,486,302 169,067 169,070 338,137 0BOYCEVILLE COMMUNITY SCH DIST 4,317,732 293,605 293,607 587,212 0BRIGHTON SCH DIST #1 876,692 59,615 59,615 119,230 0BRILLION PUBLIC SCHOOL DIST 5,187,475 352,747 352,750 705,497 0BRISTOL, TOWN, SCH DIST #1 3,960,198 269,292 269,295 538,587 0BRODHEAD SCHOOL DISTRICT 6,326,620 430,207 430,213 860,420 0BROWN DEER SCHOOL DISTRICT 11,365,407 772,844 772,851 1,545,695 0BRUCE SCHOOL DISTRICT 2,961,579 201,386 201,388 402,775 0BURLINGTON AREA SCHOOL DIST 20,158,196 1,370,750 1,370,765 2,741,515 0BUTTERNUT SCHOOL DISTRICT 1,540,523 104,755 104,756 209,511 0CADOTT COMM SCHOOL DISTRICT 4,978,602 338,543 338,547 677,090 0


Contributions


Paid* Employee

Paid Total


CAMBRIA-FRIESLAND SCHOOL DIST 2,886,148 230,891 196,259 427,150 343,544CAMBRIDGE SCHOOL DISTRICT 5,714,896 388,610 388,616 777,226 0CAMERON SCHOOL DISTRICT 6,325,249 430,114 430,120 860,234 0CAMPBELLSPORT SCHOOL DISTRICT 8,177,605 556,074 556,080 1,112,154 0CASHTON SCHOOL DISTRICT 3,633,948 247,107 247,110 494,217 0CASSVILLE SCHOOL DISTRICT 1,551,815 105,523 105,524 211,047 0CEDAR GROVE-BELGIUM SCH DIST 5,718,112 388,830 388,833 777,663 0CEDARBURG SCHOOL DISTRICT 17,691,999 1,203,048 1,203,063 2,406,112 0CHEQUAMEGON SCHOOL DISTRICT 4,942,517 336,090 336,093 672,182 0CHETEK-WEYERHAEUSER AREA SD 6,541,184 444,798 444,803 889,601 0CHILTON SCHOOL DISTRICT 6,987,241 475,130 475,134 950,265 0CHIPPEWA FALLS AREA UNIF SCH 28,327,731 1,926,276 1,926,295 3,852,571 0CLAYTON SCHOOL DISTRICT 2,606,692 177,254 177,256 354,510 0CLEAR LAKE SCHOOL DISTRICT 3,701,362 251,691 251,695 503,385 0CLINTON COMMUNITY SCHOOL DIST 7,212,982 490,480 490,486 980,965 0CLINTONVILLE PUBLIC SCH DIST 9,035,257 614,393 614,402 1,228,795 0COCHRANE-FOUNTAIN CITY SCH DIS 3,645,225 247,873 247,877 495,751 0COLBY SCHOOL DISTRICT 3,987,064 271,119 271,122 542,241 0COLEMAN SCHOOL DISTRICT 3,615,486 245,852 245,854 491,706 0COLFAX SCHOOL DISTRICT 4,916,378 334,312 334,315 668,627 0COLUMBUS SCHOOL DISTRICT 6,856,439 466,235 466,241 932,476 0CORNELL SCHOOL DISTICT 2,560,986 174,146 174,148 348,294 0CRANDON SCHOOL DISTRICT 5,942,870 404,112 404,118 808,230 0CRIVITZ SCHOOL DISTRICT 3,625,191 246,511 246,515 493,026 0CUBA CITY SCHOOL DISTRICT 4,621,254 314,244 314,247 628,491 0CUDAHY SCHOOL DISTRICT 18,108,286 1,231,358 1,231,369 2,462,727 0CUMBERLAND SCHOOL DISTRICT 5,679,070 386,174 386,179 772,354 0DARLINGTON COMM SCHOOL DIST 4,861,877 330,606 330,609 661,215 0DC EVEREST AREA SCHOOL DIST 36,582,097 2,487,573 2,487,592 4,975,165 0DEERFIELD COMM SCHOOL DISTRICT 5,103,005 347,002 347,006 694,009 0DEFOREST AREA SCHOOL DISTRICT 21,783,876 1,481,298 1,481,309 2,962,607 0DELAVAN-DARIEN SCHOOL DISTRICT 15,762,487 1,071,845 1,071,853 2,143,698 0DENMARK SCHOOL DISTRICT 8,523,060 579,565 579,571 1,159,136 0DEPERE UNIFIED SCHOOL DISTRICT 23,036,880 1,566,504 1,566,512 3,133,016 0DESOTO AREA SCHOOL DISTRICT 3,321,633 225,870 225,872 451,742 0DODGELAND SCHOOL DISTRICT 5,377,957 365,696 365,706 731,402 0DODGEVILLE SCHOOL DISTRICT 7,991,200 543,398 543,405 1,086,803 0DRUMMOND SCHOOL DISTRICT 2,415,382 164,245 164,247 328,492 0DURAND-ARKANSAW SCHOOL DIST 5,119,497 348,124 348,128 696,252 0EAST TROY COMMUNITY SCH DIST 9,900,354 673,221 673,227 1,346,448 0EAU CLAIRE AREA SCHOOL DIST 66,354,054 4,512,075 4,512,076 9,024,151 0EDGAR SCHOOL DISTRICT 3,119,233 212,107 212,109 424,216 0EDGERTON SCHOOL DISTRICT 11,052,347 751,556 751,563 1,503,119 0ELCHO SCHOOL DISTRICT 2,495,219 169,675 169,675 339,350 0ELEVA-STRUM SCHOOL DISTRICT 3,639,046 247,453 247,457 494,910 0ELK MOUND AREA SCHOOL DISTRICT 6,387,974 434,380 434,384 868,764 0ELKHART LAKE-GLENBEULAH SCH DS 3,068,010 208,624 208,625 417,249 0



Contributions


Paid* Employee

Paid Total


ELKHORN AREA SCHOOL DISTRICT 19,303,149 1,312,612 1,312,616 2,625,228 0ELLSWORTH COMM SCH DIST 9,705,025 659,938 659,945 1,319,883 0ELMBROOK SCHOOL DISTRICT 50,039,012 3,402,638 3,402,668 6,805,306 0ELMWOOD SCHOOL DISTRICT 2,432,954 165,440 165,442 330,882 0ERIN SCH DIST #2 1,485,115 100,987 100,989 201,976 0EVANSVILLE COMM SCH DIST 10,993,211 747,534 747,542 1,495,077 0FALL CREEK SCHOOL DISTRICT 4,497,600 305,836 305,837 611,674 0FALL RIVER SCHOOL DISTRICT 2,606,584 177,247 177,248 354,495 0FENNIMORE COMMUNITY SCH DIST 5,621,071 382,231 382,235 764,466 0FLAMBEAU SCHOOL DISTRICT 3,591,126 244,195 244,198 488,393 0FLORENCE COUNTY SCH DIST 3,183,217 216,458 216,460 432,918 0FOND DU LAC SCHOOL DISTRICT 44,205,730 3,005,973 3,006,007 6,011,979 0FONTANA JT SCH DIST #8 ETAL 1,773,505 120,598 120,599 241,197 0FORT ATKINSON SCHOOL DISTRICT 18,311,171 1,245,154 1,245,166 2,490,319 0FOX POINT JT SCH DIST # 2 ETAL 6,709,836 456,267 456,271 912,538 0FRANKLIN PUBLIC SCHOOL DIST 29,129,683 1,980,809 1,980,828 3,961,637 0FREDERIC SCHOOL DISTRICT 3,265,459 222,050 222,053 444,102 0FREEDOM AREA SCHOOL DISTRICT 9,061,811 616,200 616,206 1,232,406 0FRIESS LAKE SCHOOL DISTRICT 840,420 57,148 57,149 114,297 0GALESVILLE SCHOOL DISTRCT ETAL 8,770,975 596,423 596,430 1,192,853 0GENEVA JT SCH DIST #4 ETAL 1,017,526 69,191 69,192 138,384 0GENOA CITY JT SCH DIST #2 ETAL 3,290,136 223,728 223,731 447,459 0GERMANTOWN SCHOOL DISTRICT 25,127,442 1,708,659 1,708,673 3,417,332 0GIBRALTAR AREA SCHOOL DISTRICT 5,535,778 376,429 376,436 752,866 0GILLETT SCHOOL DISTRICT 3,398,021 231,064 231,066 462,131 0GILMAN SCHOOL DISTRICT 2,221,868 151,087 151,087 302,174 0GILMANTON SCHOOL DISTRICT 746,221 50,743 50,743 101,486 0GLENDALE-RIVER HILLS SCH DIST 7,940,490 539,951 539,955 1,079,907 0GLENWOOD CITY SCHOOL DISTRICT 4,055,596 275,779 275,782 551,561 0GOODMAN-ARMSTRONG SCHOOL DIST 889,074 60,457 60,457 120,914 0GRAFTON SCHOOL DISTRICT 13,188,401 896,808 896,815 1,793,623 0GRANTON AREA SCHOOL DISTRICT 1,713,070 116,488 116,490 232,978 0GRANTSBURG SCHOOL DISTRICT 5,922,254 402,712 402,715 805,427 0GREEN BAY AREA PUBLIC SCHOOLS 145,480,202 9,892,627 9,892,680 19,785,307 0GREEN LAKE SCHOOL DISTRICT 2,103,890 143,064 143,066 286,129 0GREENDALE SCHOOL DISTRICT 18,398,803 1,251,111 1,251,126 2,502,237 0GREENFIELD SCHOOL DISTRICT 21,876,380 1,487,586 1,487,601 2,975,188 0GREENWOOD SCHOOL DISTRICT 2,571,309 174,848 174,850 349,698 0GRESHAM SCHOOL DIST 2,000,280 136,019 136,019 272,038 0HAMILTON SCHOOL DISTRICT 28,235,097 1,919,976 1,919,997 3,839,973 0HARTFORD JT SCH DIST #1 ETAL 9,826,625 668,208 668,213 1,336,421 0HARTFORD UNION HIGH SCH DIST 8,975,264 610,315 610,321 1,220,636 0HARTLAND JT SCH DIST #3 ETAL 7,044,901 479,051 479,055 958,107 0HAYWARD COMMUNITY SCHOOL DIST 10,329,257 702,383 702,395 1,404,779 0HERMAN-NEOSHO-RUBICAN SD 2,281,967 155,173 155,174 310,348 0HIGHLAND SCHOOL DISTRICT 1,391,297 94,607 94,609 189,216 0HILBERT SCHOOL DISTRICT 2,577,121 175,243 175,245 350,488 0


Contributions


Paid* Employee

Paid Total


HILLSBORO SCHOOL DISTRICT 3,403,948 231,467 231,470 462,937 0HOLMEN SCHOOL DISTRICT 27,067,135 1,840,553 1,840,578 3,681,130 0HORICON SCHOOL DISTRICT 4,259,960 289,676 289,679 579,355 0HORTONVILLE AREA SCHOOL DIST 20,428,781 1,389,150 1,389,164 2,778,314 0HOWARDS GROVE SCHOOL DISTRICT 5,483,359 372,866 372,870 745,737 0HOWARD-SUAMICO SCHOOL DISTRICT 30,469,406 2,071,911 2,071,928 4,143,839 0HUDSON SCHOOL DISTRICT 36,496,513 2,481,750 2,481,775 4,963,526 0HURLEY SCHOOL DISTRICT 3,610,634 245,522 245,525 491,046 0HUSTISFORD SCHOOL DISTRICT 2,727,896 185,496 185,498 370,994 0INDEPENDENCE SCHOOL DISTRICT 2,535,565 172,418 172,419 344,837 0IOLA-SCANDINAVIA SCHOOL DIST 4,018,334 273,245 273,249 546,493 0IOWA-GRANT SCHOOL DISTRICT 5,331,859 362,565 362,568 725,133 0ITHACA SCHOOL DISTRICT 2,591,257 176,205 176,206 352,411 0JANESVILLE SCHOOL DISTRICT 68,953,087 4,688,784 4,688,836 9,377,620 0JEFFERSON SCHOOL DISTRICT 12,157,424 826,701 826,709 1,653,410 0JOHNSON CREEK SCHOOL DISTRICT 4,128,910 280,764 280,768 561,532 0JUDA SCHOOL DISTRICT 1,599,696 108,778 108,780 217,559 0KANSASVILLE DOVER DIST #1 625,340 42,523 42,523 85,046 0KAUKAUNA AREA SCHOOL DISTRICT 22,274,374 1,514,650 1,514,664 3,029,315 0KENOSHA UNIFIED SCH DIST #1 138,468,956 9,415,872 9,415,906 18,831,778 0KETTLE MORAINE SCHOOL DISTRICT 25,566,616 1,738,521 1,738,539 3,477,060 0KEWASKUM SCHOOL DISTRICT 10,951,164 744,675 744,683 1,489,358 0KEWAUNEE SCHOOL DISTRICT 5,403,281 367,421 367,425 734,846 0KICKAPOO AREA SCHOOL DISTRICT 3,013,272 204,901 204,904 409,805 0KIEL AREA SCHOOL DISTRICT 7,888,106 536,389 536,394 1,072,782 0KIMBERLY AREA SCHOOL DISTRICT 27,011,798 1,836,794 1,836,811 3,673,605 0KOHLER SCHOOL DISTRICT 4,178,749 284,154 284,155 568,310 0LA CROSSE SCHOOL DISTRICT 53,111,197 3,611,544 3,611,578 7,223,123 0LAC DU FLAMBEAU SCH DIST #1 6,088,606 414,023 414,027 828,050 0LADYSMITH-HAWKINS SCH DIST 5,415,755 368,270 368,273 736,543 0LAFARGE SCHOOL DISTRICT 1,941,065 131,992 131,993 263,985 0LAKE COUNTRY SCH DIST 3,035,108 206,387 206,388 412,775 0LAKE GENEVA JT SCH DIS #1 ETAL 11,765,702 800,064 800,071 1,600,135 0LAKE GENEVA SCHOOL DISTRICT 10,286,919 699,507 699,514 1,399,021 0LAKE HOLCOMBE SCHOOL DISTRICT 2,240,367 152,344 152,346 304,690 0LAKE MILLS AREA SCHOOL DIST 8,682,944 590,437 590,444 1,180,880 0LAKELAND UNION HIGH SCH DIST 5,797,625 394,237 394,240 788,477 0LANCASTER COMM SCH DIST 6,250,733 425,048 425,052 850,100 0LAONA SCHOOL DISTRICT 1,706,341 116,031 116,032 232,062 0LENA PUBLIC SCHOOL DISTRICT 2,170,840 147,616 147,618 295,234 0LINN JT SCH DIST #4 ETAL 981,113 66,715 66,716 133,431 0LINN JT SCH DIST #6 ETAL 712,404 48,443 48,444 96,887 0LITTLE CHUTE AREA SCHOOL DIST 9,045,046 615,060 615,066 1,230,126 0LODI SCHOOL DISTRICT 9,877,897 671,695 671,699 1,343,394 0LOMIRA SCHOOL DISTRICT 6,291,887 427,846 427,851 855,697 0LOYAL SCHOOL DISTRICT 2,939,674 199,897 199,898 399,796 0LUCK SCHOOL DISTRICT 2,903,026 197,404 197,407 394,812 0



Contributions


Paid* Employee

Paid Total


LUXEMBURG-CASCO SCHOOL DIST 9,072,296 616,913 616,919 1,233,832 0MADISON METRO SCHOOL DISTRICT 217,711,493 14,804,345 14,804,418 29,608,763 0MANAWA SCHOOL DISTRICT 3,801,313 258,488 258,491 516,979 0MANITOWOC PUBLIC SCHOOL DIST 33,107,600 2,251,311 2,251,322 4,502,634 0MAPLE DALE-INDIAN HILL SCH DIS 3,797,661 258,239 258,243 516,482 0MAPLE SCHOOL DISTRICT 7,907,149 537,681 537,691 1,075,372 0MARATHON CITY SCHOOL DISTRICT 3,259,306 221,631 221,635 443,266 0MARINETTE SCHOOL DISTRICT 10,979,381 746,594 746,602 1,493,196 0MARION SCHOOL DISTRICT 1,969,381 133,917 133,919 267,836 0MARKESAN SCHOOL DISTRICT 4,614,714 313,800 313,802 627,601 0MARSHALL JT SCH DIST #2 ETAL 6,976,893 474,425 474,432 948,857 0MARSHFIELD UNIFIED SCHOOL DIST 23,038,980 1,566,645 1,566,656 3,133,301 0MAUSTON SCHOOL DISTRICT 8,423,299 572,782 572,787 1,145,569 0MAYVILLE SCHOOL DISTRICT 7,119,362 484,115 484,118 968,233 0MCFARLAND SCHOOL DISTRICT 16,171,875 1,099,682 1,099,693 2,199,375 0MEDFORD AREA PUBLIC SCHL DIST 13,111,716 891,593 891,600 1,783,193 0MELLEN SCHOOL DISTRICT 1,620,363 110,184 110,185 220,369 0MELROSE-MINDORO SCHOOL DIST 4,628,031 314,705 314,708 629,412 0MENASHA JOINT SCHOOL DISTRICT 22,174,333 1,507,844 1,507,865 3,015,709 0MENOMINEE INDIAN SCHOOL DIST 8,225,055 559,301 559,307 1,118,607 0MENOMONEE FALLS SCHOOL DISTRCT 27,974,129 1,902,231 1,902,251 3,804,482 0MENOMONIE AREA SCHOOL DISTRICT 18,296,793 1,244,174 1,244,189 2,488,364 0MEQUON-THIENSVILLE SCHOOL DIST 22,988,254 1,563,195 1,563,207 3,126,403 0MERCER SCHOOL DISTRICT 1,429,787 97,225 97,226 194,451 0MERRILL AREA COMMON PUB SCH 17,119,430 1,164,115 1,164,127 2,328,242 0MERTON COMMUNITY SCHOOL DIST 4,653,219 316,418 316,420 632,838 0MIDDLETON-CROSS PLNS SCH DIST 48,570,355 3,302,773 3,302,795 6,605,568 0MILTON SCHOOL DISTRICT 20,585,053 1,399,776 1,399,791 2,799,567 0MILWAUKEE TEACHERS RETIREM SYS 377,568,441 25,674,566 25,674,742 51,349,308 0MINERAL POINT UNIF SCH DIST 4,277,283 290,854 290,856 581,711 0MINOCQUA JT SCH DIST #1 M-H-LT 3,905,603 265,580 265,582 531,162 0MISHICOT SCHOOL DISTRICT 5,228,496 355,536 355,539 711,075 0MONDOVI SCHOOL DISTRICT 5,852,087 397,940 397,943 795,884 0MONONA GROVE SCHOOL DISTRICT 21,537,572 1,464,548 1,464,562 2,929,110 0MONROE SCHOOL DISTRICT 16,313,946 1,109,342 1,109,354 2,218,697 0MONTELLO SCHOOL DISTRICT 4,255,386 289,365 289,368 578,733 0MONTICELLO SCHOOL DISTRICT 2,519,580 171,330 171,332 342,663 0MOSINEE SCHOOL DISTRICT 12,711,805 864,398 864,408 1,728,805 0MOUNT HOREB AREA SCHOOL DIST 14,852,312 1,009,951 1,009,963 2,019,914 0MUKWONAGO SCHOOL DISTRICT 26,673,158 1,813,763 1,813,787 3,627,549 0MUSKEGO-NORWAY SCHOOL DISTRICT 29,099,795 1,978,776 1,978,796 3,957,572 0NECEDAH AREA SCHOOL DISTRICT 4,119,682 280,137 280,140 560,277 0NEENAH JOINT SCHOOL DISTRICT 37,252,179 2,533,134 2,533,162 5,066,296 0NEILLSVILLE SCHOOL DISTRICT 4,947,306 336,414 336,420 672,834 0NEKOOSA SCHOOL DISTRICT 6,454,064 438,874 438,879 877,753 0NEW AUBURN SCHOOL DISTRICT 2,124,168 144,443 144,444 288,887 0NEW BERLIN SCHOOL DISTRICT 26,484,704 1,800,953 1,800,967 3,601,920 0


Contributions


Paid* Employee

Paid Total


NEW GLARUS SCHOOL DISTRICT 5,785,117 393,387 393,389 786,776 0NEW HOLSTEIN SCHOOL DISTRICT 6,108,508 415,376 415,381 830,757 0NEW LISBON SCHOOL DISTRICT 3,821,337 259,849 259,853 519,702 0NEW LONDON SCHOOL DISTRICT 12,188,493 828,813 828,822 1,657,635 0NEW RICHMOND SCHOOL DISTRICT 18,461,536 1,255,377 1,255,391 2,510,769 0NIAGARA SCHOOL DISTRICT 2,833,721 192,692 192,694 385,386 0NICOLET HIGH SCHOOL DISTRICT 10,988,732 747,232 747,236 1,494,468 0NORRIS SCHOOL DISTRICT 697,714 47,444 47,445 94,889 0NORTH CAPE CONSOLIDATED S D 1,272,217 86,510 86,511 173,022 0NORTH CRAWFORD SCHOOL DISTRICT 2,982,962 202,840 202,843 405,683 0NORTH FOND DU LAC SCH DIST 7,899,316 537,151 537,155 1,074,307 0NORTH LAKE SCHOOL DISTRICT 1,670,869 113,618 113,620 227,238 0NORTH LAKELAND SCHOOL DISTRICT 1,468,690 99,871 99,871 199,742 0NORTHERN OZAUKEE SCHOOL DIST 4,759,291 323,630 323,633 647,264 0NORTHLAND PINES SCHOOL DIST 9,799,478 666,361 666,368 1,332,729 0NORTHWOOD SCHOOL DISTRICT 2,610,895 177,539 177,542 355,082 0NORWALK-ONTARIO SCHOOL DIST 4,565,458 310,449 310,453 620,902 0NORWAY-RAYMOND JT#7 SD 523,690 42,419 35,611 78,030 67,778OAK CREEK-FRANKLIN JT SCH DIST 37,324,503 2,538,057 2,538,076 5,076,132 0OAKFIELD SCHOOL DISTRICT 3,468,662 235,868 235,870 471,738 0OCONOMOWOC AREA SCHOOL DIST 25,039,291 1,702,664 1,702,679 3,405,344 0OCONTO FALLS PUBLIC SCH DIST 10,188,030 692,782 692,790 1,385,572 0OCONTO UNIFIED SCHOOL DISTRICT 6,733,479 457,875 457,879 915,753 0OMRO SCHOOL DISTRICT 7,181,894 488,365 488,372 976,738 0ONALASKA SCHOOL DISTRICT 19,289,799 1,311,699 1,311,714 2,623,413 0OOSTBURG SCHOOL DISTRICT 5,663,896 385,142 385,147 770,290 0OREGON SCHOOL DISTRICT 26,069,399 1,772,712 1,772,726 3,545,438 0OSCEOLA SCHOOL DISTRICT 10,883,064 740,045 740,052 1,480,097 0OSHKOSH AREA SCHOOL DISTRICT 62,417,472 4,244,359 4,244,417 8,488,776 0OSSEO-FAIRCHILD SCHOOL DIST 5,386,491 366,279 366,284 732,563 0OWEN-WITHEE SCHOOL DISTRICT 2,919,042 198,494 198,496 396,990 0PALMYRA-EAGLE AREA SCHOOL DIST 5,276,032 358,768 358,772 717,540 0PARDEEVILLE AREA SCHOOL DIST 4,977,117 398,168 338,445 736,613 536,044PARIS JT SCH DIST #1 ETAL 1,209,471 82,244 82,245 164,488 0PARKVIEW SCHOOL DISTRICT 5,435,492 369,612 369,615 739,227 0PECATONICA AREA SCHOOL DIST 3,180,863 216,298 216,300 432,597 0PEPIN AREA SCHOOL DISTRICT 1,829,430 124,400 124,402 248,803 0PESHTIGO SCHOOL DISTRICT 6,439,494 437,885 437,887 875,771 0PEWAUKEE SCHOOL DISTRICT 16,665,759 1,133,267 1,133,276 2,266,543 0PHELPS SCHOOL DISTRICT 1,367,849 93,013 93,015 186,027 0PHILLIPS SCHOOL DISTRICT 4,660,892 316,939 316,943 633,881 0PITTSVILLE SCHOOL DISTRICT 3,488,525 237,218 237,221 474,439 0PLATTEVILLE SCHOOL DISTRICT 9,092,892 618,313 618,320 1,236,633 0PLUM CITY SCHOOL DISTRICT 1,325,490 90,133 90,134 180,267 0PLYMOUTH JOINT SCHOOL DISTRICT 13,967,682 949,796 949,808 1,899,605 0PORT EDWARDS SCHOOL DISTICT 2,472,192 168,109 168,110 336,218 0PORT WASHINGTON-SAUKVILLE SCH 16,838,744 1,145,029 1,145,040 2,290,069 0



Contributions


Paid* Employee

Paid Total


PORTAGE COMMUNITY SCHOOL DIST 14,368,549 977,056 977,066 1,954,123 0POTOSI SCHOOL DISTRICT 2,289,080 155,656 155,659 311,315 0POYNETTE SCHOOL DISTRICT 6,225,460 423,329 423,334 846,663 0PRAIRIE DU CHIEN AREA SCH DIST 8,186,445 556,675 556,681 1,113,357 0PRAIRIE FARM PUBLIC SCH DIST 2,147,000 145,995 145,997 291,992 0PRENTICE SCHOOL DISTRICT 2,578,730 175,353 175,354 350,707 0PRESCOTT SCHOOL DISTRICT 8,151,330 554,286 554,295 1,108,581 0PRINCETON SCHOOL DISTRICT 1,958,285 133,162 133,164 266,327 0PULASKI COMMUNITY SCHOOL DIST 23,879,684 1,623,810 1,623,827 3,247,637 0RACINE UNIFIED SCHOOL DISTRICT 138,308,352 9,404,933 9,405,003 18,809,936 0RANDALL JT SCH DIST #1 ETAL 3,907,531 265,711 265,714 531,424 0RANDOLPH SCHOOL DISTRICT 3,305,742 224,790 224,791 449,581 0RANDOM LAKE SCHOOL DISTRICT 5,280,723 359,088 359,091 718,178 0RAYMOND SCH DIST #14 2,357,957 160,340 160,342 320,682 0REEDSBURG SCHOOL DISTRICT 17,289,415 1,175,674 1,175,686 2,351,360 0REEDSVILLE SCHOOL DISTRICT 3,622,001 246,295 246,297 492,592 0RHINELANDER SCHOOL DISTRICT 13,834,102 940,714 940,724 1,881,438 0RIB LAKE SCHOOL DISTRICT 2,676,163 181,978 181,980 363,958 0RICE LAKE AREA SCHOOL DISTRICT 14,844,084 1,009,393 1,009,403 2,018,795 0RICHFIELD JSD #1 1,695,391 115,286 115,288 230,573 0RICHLAND SCHOOL DISTRICT 8,233,947 559,906 559,911 1,119,817 0RICHMOND SCHOOL DISTRICT 2,285,802 155,434 155,435 310,869 0RIO COMMUNITY SCHOOL DISTRICT 2,982,380 202,800 202,803 405,604 0RIPON AREA SCHOOL DISTRICT 9,841,348 669,209 669,214 1,338,423 0RIVER FALLS SCHOOL DISTRICT 18,300,208 1,244,407 1,244,422 2,488,828 0RIVER RIDGE SCHOOL DISTRICT 3,396,004 230,927 230,930 461,857 0RIVER VALLEY SCHOOL DISTRICT 8,081,004 549,505 549,511 1,099,017 0RIVERDALE SCHOOL DISTRICT 3,477,805 236,490 236,492 472,981 0ROSENDALE-BRANDON SCHOOL DIST 5,640,478 383,551 383,555 767,105 0ROSHOLT SCHOOL DISTRICT 3,148,406 214,090 214,093 428,183 0ROYALL SCHOOL DISTRICT 3,527,074 239,839 239,843 479,682 0SALEM SCHOOL DISTRICT 5,718,365 463,186 388,851 852,036 481,217SAUK PRAIRIE SCHOOL DISTRICT 17,032,885 1,158,233 1,158,239 2,316,472 0SENECA SCHOOL DISTRICT 1,729,329 117,594 117,595 235,189 0SEVASTOPOL SCHOOL DISTRICT 4,273,465 290,595 290,596 581,191 0SEYMOUR COMMUNITY SCHOOL DIST 13,151,459 894,295 894,303 1,788,598 0SHARON JT SCH DIST # 11 ETAL 1,591,963 108,253 108,254 216,507 0SHAWANO SCHOOL DIST 14,239,300 968,268 968,277 1,936,545 0SHEBOYGAN AREA SCHOOL DISTRICT 66,254,999 4,505,330 4,505,350 9,010,680 0SHEBOYGAN FALLS SCHOOL DIST 10,512,687 714,859 714,866 1,429,726 0SHELL LAKE SCHOOL DISTRICT 4,214,056 286,556 286,556 573,112 0SHIOCTON SCHOOL DISTRICT 4,572,753 310,945 310,949 621,894 0SHOREWOOD SCHOOL DISTRICT 15,612,340 1,061,635 1,061,643 2,123,278 0SHULLSBURG SCHOOL DISTRICT 2,327,798 188,551 158,291 346,842 105,451SILVER LAKE JT SCH DIS #1 ETAL 2,659,540 180,847 180,850 361,697 0SIREN SCHOOL DISTRICT 3,151,009 214,268 214,269 428,537 0SLINGER SCHOOL DISTRICT 16,077,699 1,093,279 1,093,288 2,186,567 0


Contributions


Paid* Employee

Paid Total


SOLON SPRINGS SCHOOL DISTRICT 1,924,494 130,865 130,866 261,731 0SOMERSET SCHOOL DISTRICT 9,757,806 663,528 663,534 1,327,062 0SOUTH MILWAUKEE SCHOOL DIST 21,280,533 1,447,069 1,447,083 2,894,152 0SOUTH SHORE SCHOOL DISTRICT 1,490,055 101,323 101,324 202,648 0SOUTHERN DOOR COUNTY SCH DIST 6,736,636 458,088 458,094 916,182 0SOUTHWESTERN WISC COMM SCH DIS 2,705,634 183,982 183,984 367,966 0SPARTA AREA SCHOOL DISTRICT 16,738,001 1,138,174 1,138,194 2,276,368 0SPENCER SCHOOL DISTRICT 3,527,360 239,859 239,862 479,721 0SPOONER AREA SCHOOL DISTRICT 6,470,396 439,984 439,990 879,974 0SPRING VALLEY SCHOOL DISTRICT 4,425,354 300,923 300,926 601,848 0ST CROIX CENTRAL SCH DIST 9,071,003 616,825 616,831 1,233,656 0ST CROIX FALLS SCHOOL DISTRICT 7,171,951 487,690 487,696 975,385 0ST FRANCIS SCHOOL DISTRICT #6 6,376,808 433,621 433,625 867,246 0STANLEY-BOYD AREA SCHOOL DIST 5,863,614 398,723 398,728 797,452 0STEVENS POINT AREA PUB SCH DIS 43,093,274 2,930,330 2,930,356 5,860,685 0STOCKBRIDGE SCH DIST 1,221,245 83,044 83,045 166,089 0STONE BANK SCHOOL DISTRICT 2,454,775 166,924 166,926 333,849 0STOUGHTON AREA SCHOOL DISTRICT 20,227,530 1,375,466 1,375,478 2,750,944 0STRATFORD SCHOOL DISTRICT 4,757,472 323,506 323,510 647,016 0STURGEON BAY SCHOOL DISTRICT 8,380,449 569,868 569,873 1,139,741 0SUN PRAIRIE AREA SCH DIS 50,900,701 3,461,235 3,461,261 6,922,495 0SUPERIOR SCHOOL DISTRICT 30,580,091 2,079,432 2,079,461 4,158,892 0SURING PUBLIC SCHOOL DISTRICT 2,521,564 171,465 171,467 342,933 0SWALLOW SCHOOL DISTRICT 2,808,881 191,003 191,005 382,008 0THORP SCHOOL DISTRICT 3,530,458 240,069 240,073 480,142 0THREE LAKES SCHOOL DISTRICT 4,520,204 307,372 307,375 614,748 0TIGERTON SCHOOL DISTRICT 1,260,074 85,685 85,685 171,370 0TOMAH AREA SCHOOL DISTRICT 18,307,952 1,244,934 1,244,948 2,489,881 0TOMAHAWK SCHOOL DISTRICT 7,733,673 525,888 525,892 1,051,780 0TOMORROW RIVER SCHOOL DISTRICT 6,405,833 435,595 435,598 871,193 0TREVOR-WILMOT CONS GR S.D. 3,637,974 247,381 247,384 494,765 0TRI-COUNTY AREA SCH DIST-PLNFD 4,003,779 272,256 272,258 544,514 0TURTLE LAKE SCHOOL DISTRICT 2,672,757 181,746 181,749 363,495 0TWIN LAKES SCH DIST #4 2,329,182 158,383 158,385 316,769 0TWO RIVERS PUBLIC SCHOOL DIST 10,721,265 729,042 729,050 1,458,092 0UNION GROVE JT SCH DIS #1 ETAL 4,850,155 329,809 329,812 659,621 0UNION GROVE UNION HIGH SCH DIS 5,329,539 362,408 362,410 724,817 0UNITY SCHOOL DISTRICT 6,275,258 426,716 426,719 853,435 0VALDERS AREA SCHOOL DISTRICT 6,070,445 412,788 412,792 825,581 0VERONA AREA SCHOOL DISTRICT 37,185,568 2,528,608 2,528,630 5,057,237 0VIROQUA AREA SCHOOL DISTRICT 6,632,573 451,013 451,017 902,030 0WABENO AREA SCHOOL DISTRICT 3,295,205 224,073 224,075 448,148 0WALWORTH JT SCH DIST # 1 ETAL 2,664,201 181,165 181,167 362,331 0WASHBURN SCHOOL DISTRICT 3,760,357 255,703 255,706 511,409 0WASHINGTON SCHOOL DISTRICT 585,585 46,261 39,820 86,081 74,979WASHINGTON-CALDWELL SCH DIST 1,001,314 68,089 68,090 136,179 0WATERFORD UNION HIGH SCH DIST 7,763,001 527,883 527,885 1,055,768 0



Contributions


Paid* Employee

Paid Total


WATERFORD VIL JT SCH DIST #1 7,250,142 493,005 493,014 986,019 0WATERLOO SCHOOL DISTRICT 5,014,750 341,000 341,006 682,006 0WATERTOWN UNIFIED SCHOOL DIST 23,003,321 1,564,217 1,564,235 3,128,452 0WAUKESHA SCHOOL DISTRICT 84,379,236 5,737,769 5,737,807 11,475,576 0WAUNAKEE COMMUNITY SCHOOL DIST 26,449,567 1,798,551 1,798,591 3,597,141 0WAUPACA SCHOOL DISTRICT 14,424,259 980,843 980,856 1,961,699 0WAUPUN AREA SCHOOL DISTRICT 10,973,629 746,202 746,212 1,492,414 0WAUSAU SCHOOL DISTRICT 58,188,507 3,956,796 3,956,841 7,913,637 0WAUSAUKEE SCHOOL DISTRICT 2,920,606 198,600 198,602 397,202 0WAUTOMA AREA SCHOOL DISTRICT 8,491,105 577,391 577,399 1,154,790 0WAUWATOSA SCHOOL DISTRICT 42,909,671 2,917,849 2,917,867 5,835,715 0WAUZEKA JT SCH DIST ETAL 2,154,653 146,515 146,518 293,033 0WEBSTER SCHOOL DISTRICT 4,534,219 308,324 308,330 616,654 0WEST ALLIS-WEST MILW SCH DIST 52,353,886 3,560,040 3,560,089 7,120,129 0WEST BEND JT SCH DIST #1 40,899,471 2,781,147 2,781,181 5,562,328 0WEST DEPERE SCHOOL DISTRICT 17,684,588 1,202,545 1,202,559 2,405,104 0WEST SALEM SCHOOL DISTRICT 10,056,178 683,817 683,823 1,367,640 0WESTBY AREA SCHOOL DISTRICT 6,256,225 425,420 425,427 850,847 0WESTFIELD SCHOOL DISTRICT 5,570,671 378,802 378,809 757,611 0WESTON SCHOOL DISTRICT 1,939,130 131,860 131,862 263,722 0WESTOSHA CENTRAL HIGH SCH DIST 7,046,425 479,157 479,157 958,314 0WEYAUWEGA-FREMONT SCHOOL DIST 5,387,146 366,323 366,329 732,652 0WHEATLAND JT SCH DIST #1 ETAL 3,420,000 232,559 232,561 465,120 0WHITE LAKE SCHOOL DISTRICT 1,071,670 72,873 72,874 145,747 0WHITEFISH BAY SCHOOL DISTRICT 18,348,753 1,247,709 1,247,721 2,495,430 0WHITEHALL SCHOOL DISTRICT 4,331,991 294,574 294,577 589,151 0WHITEWATER UNIFIED SCHOOL DIST 11,983,425 814,869 814,877 1,629,746 0WHITNALL SCHOOL DISTRICT 16,115,750 1,095,867 1,095,875 2,191,742 0WILD ROSE SCHOOL DISTRICT 3,510,080 238,684 238,687 477,371 0WILLIAMS BAY SCHOOL DISTRICT 3,960,694 269,327 269,327 538,654 0WILMOT UNION HIGH SCHOOL DIST 8,322,992 565,961 565,966 1,131,927 0WINNECONNE COMM SCHOOL DIST 9,014,328 612,970 612,978 1,225,949 0WINTER SCHOOL DISTRICT 2,181,365 148,332 148,334 296,666 0WISCONSIN DELLS SCHOOL DIST 10,248,881 696,920 696,928 1,393,848 0WISCONSIN HEIGHTS SCHOOL DIST 4,971,230 338,042 338,045 676,087 0WISCONSIN RAPIDS SCHOOL DIST 32,046,598 2,179,161 2,179,177 4,358,337 0WITTENBERG-BIRNAMWOOD SCH DIST 6,664,744 453,199 453,206 906,405 0WONEWOC & UNION CENTER SCH DIS 2,095,527 142,495 142,497 284,992 0WRIGHTSTOWN COMMUNITY SCH DIST 6,977,773 474,488 474,490 948,977 0YORKVILLE JT SCH DIST #2 ETAL 2,301,418 156,495 156,497 312,993 0Total School Districts (422) 5,229,770,112 355,834,938 355,626,006 711,460,944 1,609,013

Technical CollegesBLACKHAWK TECHNICAL COLLEGE 14,149,856 962,190 962,191 1,924,380 0CHIPPEWA VALLEY TECH COLLEGE 32,803,780 2,230,649 2,230,665 4,461,314 0FOX VALLEY TECHNICAL COLLEGE 61,700,832 4,195,642 4,195,671 8,391,313 0GATEWAY TECH COLLEGE 46,347,545 3,151,622 3,151,644 6,303,266 0


Contributions


Paid* Employee

Paid Total


LAKESHORE TECHNICAL COLLEGE 18,853,397 1,282,026 1,282,036 2,564,062 0MADISON AREA TECH COLLEGE 97,331,263 6,618,492 6,618,560 13,237,052 0MID-STATE TECHNICAL COLLEGE 15,266,812 1,038,139 1,038,147 2,076,286 0MILWAUKEE AREA TECH COLLEGE 110,658,698 7,524,763 7,524,820 15,049,583 0MORAINE PARK TECHNICAL COLLEGE 26,361,476 1,792,573 1,792,587 3,585,161 0NICOLET AREA TECHNICAL COLLEGE 12,030,873 818,096 818,103 1,636,199 0NORTH CENTRAL TECH COLLEGE 26,060,478 1,772,106 1,772,119 3,544,225 0NORTHEAST WISC TECH COLLEGE 52,782,071 3,589,170 3,589,192 7,178,362 0SOUTHWEST WISC TECH COLLEGE 11,758,709 799,588 799,596 1,599,184 0WAUKESHA CO TECHNICAL COLLEGE 40,048,960 2,723,322 2,723,337 5,446,659 0WESTERN TECH COLLEGE 28,187,778 1,916,769 1,916,769 3,833,538 0WISCONSIN INDIANHEAD TECH COLL 25,635,739 1,743,221 1,743,240 3,486,461 0Total Technical Colleges (16) 619,978,266 42,158,367 42,158,677 84,317,044 0

CESAsCESA #1 4,484,176 363,217 304,925 668,142 288,765CESA #10, CHIPPEWA FALLS 7,692,381 523,079 523,085 1,046,164 0CESA #11 6,915,098 470,224 470,229 940,453 0CESA #12, ASHLAND 2,377,817 161,691 161,692 323,383 0CESA #2 6,053,585 411,642 411,646 823,288 0CESA #3, FENNIMORE 1,427,039 97,038 97,039 194,077 0CESA #4, LACROSSE 2,120,510 144,194 144,196 288,389 0CESA #5, PORTAGE 10,531,636 716,148 716,155 1,432,302 12,380CESA #6, OSHKOSH 7,551,280 611,651 513,489 1,125,141 2,148,760CESA #7, GREEN BAY 6,630,529 450,874 450,878 901,752 0CESA #8, GILLETT 4,836,092 328,853 328,856 657,709 0CESA #9, TOMAHAWK 2,095,529 142,495 142,497 284,992 0Total CESAs (12) 62,715,672 4,421,105 4,264,688 8,685,792 2,449,906

Total WRS (1499) 13,943,116,649 1,080,961,611 948,135,867 2,029,097,478 17,199,955

* Includes contributions for WRS, Accumulated Sick Leave Conversion and Duty Disability



Documents

COMPREHENSIVE ANNUAL FINANCIAL REPORT 2017Employee Trust Funds (ETF) for the year ended December 31, 2017. This report provides comprehensive information about ETF, the Wisconsin Retirement